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the sec and regulation of credit rating agencies September 18, 2009

Posted by Bradley in : financial regulation , trackback

The SEC announced a bunch of new rules on rating agencies (details to be provided later). And the SEC will be seeking views on further de-emphasis of ratings in regulations and on the liability issue. Meanwhile, in the EU, Charlie McCreevy, discussing the reform of financial regulation notes the EU’s actions in this area and claims that the G20 is “broadly on the same line” as the EU on a range of matters, including CRAs. Of course, the EU’s role in regulating CRAs is a bit odd given that the dominant agencies are based in the US. On the other hand, the SEC’s Inspector General’s report on the SEC’s feeble oversight of NRSROs may suggest that a bit of a push from elsewhere, as well as some domestic political attention, is necessary to encourage the SEC not only to focus on developing appropriate rules, but also to apply the rules it does adopt.

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