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Friday, November 16, 2012

SEC Summary Report of Examinations of NRSRO

The SEC has issued its second annual staff report on the findings of examinations of credit rating agencies registered with the SEC as Nationally Recognized Statistical Rating Organizations (NRSROs).

The SEC staff determined that with one exception, all NRSROs appropriately addressed recommendations from the first annual report in 2011. In addition, the SEC announced a new initiative to highlight compliance issues at credit rating agencies between examinations.

Congress mandated the creation of the Office of Credit Ratings as part of the Dodd-Frank Act, which imposed new reporting, disclosure, and examination requirements to enhance the regulation of NRSROs. The Dodd-Frank Act requires the SEC to examine each NRSRO at least annually and issue a report summarizing the essential findings of the examinations.

Read the report.

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