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SEC issues final rule on nationally recognized statistical rating organizations

  • SEC (US Securities and Exchange Commission) Image

Sep 03, 2014

Last week, the SEC issued Final Rule Release No. 34-72936, “Nationally Recognized Statistical Rating Organizations,” which revises the requirements for NRSROs in response to a mandate of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The amendments “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.” The ultimate objective of these new requirements is “to enhance governance, protect against conflicts of interest, and increase transparency to improve the quality of credit ratings and increase credit rating agency accountability.”

The final rule will become effective on November 14, 2014.

For more information, see our related Deloitte Accounting Journal entry and the press release and final rule on the SEC’s Web site.

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