Trade bodies back credit rating agency reforms

REGULATORY UPDATE

Washington, DC -- Several financial industry trade associations are supporting reforms to the recognition of credit rating agencies in the US. Calls for changes to the 'nationally recognized statistical rating organization' (NRSRO) framework, much criticised since the downfall of Enron and other large US companies, were made in recent comment letters to the Securities and Exchange Commission (SEC) in response to the regulator's June concept release (see Operational Risk, July 2003, page 5).

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