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Report: SEC Examination of NRSROs

The SEC staff issued a report summarizing its observations and concerns arising from a recent examination of the ten credit rating agencies registered with the SEC as Nationally Recognized Statistical Rating Organizations ("NRSROs").  The SEC has not yet determined that any finding in the report constitutes a "material regulatory deficiency" but may do so in the future. The report noted that some of the NRSROs have made efforts to improve their operations, but also cited several concerns with the agencies' operations including the failure in some instances to follow internal ratings procedures, to make timely and accurate disclosures and to adequately manage conflicts of interest.  This examination was conducted pursuant to the Dodd-Frank Act which requires annual examinations of NRSROs.