US authorities turn up the heat on rating agencies

The US financial regulator is working on a new set of rules designed to tackle the rating agency "shortcomings" that contributed to the recent subprime crisis.

SEC chairman Christopher Cox said in a recent speech that "the rules governing US-based rating agencies such as Moody's, S&P and Fitch affected risk management by banks and institutional investors half a world away."

Cox said that 2008 would see the SEC "lead the way with proposals for new, more detailed rules... that respond directly to

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