View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML

SEC RIN: 3235-AL54 Publication ID: Spring 2022 
Title: Credit Rating Agencies -- Conflicts of Interest and Transparency 

The Office of Credit Ratings is considering recommending that the Commission propose rules and amendments designed to address the conflicts of interest associated with the issuer-pay business model (i.e., the NRSRO receives compensation from issuers and obligors for rating the securities of the issuer or the obligor) and increase  transparency and promote competition for the ratings of securities. The recommendation would include proposed rules and amendments designed to increase transparency of (i) the procedures and methodologies NRSROs use to determine credit ratings and how the NRSROs implement their procedures and methodologies, including qualitative factors considered, and adherence to and deviations from established procedures and methodologies; and (ii) climate and ESG factors considered as part of the rating determination process.

Agency: Securities and Exchange Commission(SEC)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Long-Term Actions 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: Not Yet Determined     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 15 U.S.C. 78o-7    15 U.S.C. 78q    15 U.S.C. 78mm   
Legal Deadline:  None
Action Date FR Cite
Next Action Undetermined  To Be Determined 
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Harriet Orol
Office of Credit Ratings
Securities and Exchange Commission
Brookfield Place, 200 Vesey Street, Suite 400,
New York, NY 10281-1022
Phone:212 336-0554