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SEC | RIN: 3235-AL54 | Publication ID: Fall 2022 |
Title: Credit Rating Agencies -- Conflicts of Interest and Transparency | |
Abstract:
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. |
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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 |
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Timetable:
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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 Email: orolh@sec.gov |