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Wednesday, August 27, 2014

SEC Adopts CRA Reform Rules

The SEC adopted new requirements for credit rating agencies (CRAs) meant to enhance governance, protect against conflicts of interest and increase transparency to improve the quality of credit ratings and increase CRA accountability. The new rules and amendments, which implement 14 rulemaking requirements under the Dodd-Frank Act, apply to CRAs registered with the SEC as nationally recognized statistical rating organizations (NRSROs). SEC Chair Mary Jo White said:

This expansive package of reforms will strengthen the overall quality of credit ratings, enhance the transparency of credit rating agencies and increase their accountability. Today’s reforms will help protect investors and markets against a repeat of the conduct and practices that were central to the financial crisis.

The new requirements for NRSROs address internal controls, conflicts of interest, disclosure of credit rating performance statistics, procedures to protect the integrity and transparency of rating methodologies, disclosures to promote the transparency of credit ratings, and standards for training, experience and competence of credit analysts.

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