SEC Proposes New Rules and Amendments to Implement: Dodd-Frank Provisions Concerning Nationally Recognized Statistical Rating Organizations


On May 18, 2011, the Securities and Exchange Commission (the “SEC”) proposed new rules and amendments intended to increase transparency and improve the integrity of credit ratings. The proposed rules would implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”) and enhance the SEC’s existing rules governing credit ratings and Nationally Recognized Statistical Rating Organizations (“NRSROs”).

Under the SEC’s proposal, NRSROs would be required to report on internal controls, guard against conflicts of interest, establish professional standards for analysts and enhance public disclosure about credit ratings, including the methodologies used to establish them and their performance.

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