SEC Takes Action on Credit Rating Agency Rules

September 24, 2009

On September 17, the Securities and Exchange Commission (SEC) took various actions on new rules relating to nationally recognized statistical rating organizations (NRSROs). The SEC adopted a number of rules it had previously proposed, and voted to re-open the comment period on others. The SEC also announced that it will publish for comment several new rules concerning NRSROs and credit ratings, and will also publish a concept release on a rule change that would make credit rating agencies liable as “experts” for ratings disclosures in public securities offerings. The attached memo describes these recent SEC actions in greater detail.