SEC Staff Issues Summary Report of Commission Staff’s Examinations of Each Nationally Recognized Statistical Rating Organization
By Daniel Edstrom
DTC Systems, Inc.
Here is the 2011-199 release by the SEC:
SEC Staff Issues Summary Report of Commission Staff’s Examinations of Each Nationally Recognized Statistical Rating Organization
FOR IMMEDIATE RELEASE
2011-199
Washington, D.C., Sept. 30, 2011 — The staff of the Securities and Exchange Commission today issued a report summarizing the staff’s observations and concerns arising from the examinations of ten credit rating agencies registered with the SEC as Nationally Recognized Statistical Rating Organizations (“NRSROs”) and subject to Commission oversight.
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Additional Materials
2011 Summary Report of Commission Staff’s Examinations of Each Nationally Recognized Statistical Rating Organization
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The report notes that despite changes by some of the examined credit rating agencies to improve their operations, Commission staff identified concerns at each of the NRSROs. These concerns included apparent failures in some instances to follow ratings methodologies and procedures, to make timely and accurate disclosures, to establish effective internal control structures for the rating process and to adequately manage conflicts of interest. The report notes that the staff made various recommendations to the NRSROs to address the staff’s concerns and that in some cases the NRSROs have already taken steps to address such concerns. Continue reading “SEC Staff Issues Summary Report of Commission Staff’s Examinations of Each Nationally Recognized Statistical Rating Organization”
