SEC pressed to overhaul rating agency regulation

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The Securities and Exchange Commission (SEC) has been urged to increase oversight of credit rating agencies to spur competition in the credit ratings services industry.

At a November 2005 hearing on the Credit Rating Agency Duopoly Relief Act of 2005 in the Financial Services Committee in US Congress, several witnesses criticised the SEC's current regulation of rating agencies in which the SEC regulates only those rating agencies that the Commission designates as Nationally Recognised Statist

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