Hopes and fears over SEC's NRSRO rules

REGULATORY UPDATE

The SEC published the proposed rules in March, aimed at codifying the criteria for a rating agency to be given NRSRO status for regulatory purposes. NRSRO ratings are treated as the benchmark by a number of US and foreign regulations, such as net capital rules, as well as private financial contracts. However, there is no legal definition of the term.

One warmly greeted proposal was that NRSROs should make ratings (although not rating methodology) publicly acceptable, that they should rate se

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