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SEC Issues Annual NRSRO Report

Last week, the SEC released its "Annual Report on Nationally Recognized Statistical Rating Organizations," a report required by the Credit Rating Agency Reform Act of 2006 ("Rating Agency Act").  Section 6 of Rating Agency Act requires the Commission to submit an annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives that:



    • Identifies applicants for registration as nationally recognized statistical rating organizations ("NRSROs") under Section 15E of the Securities Exchange Act of 1934 ("Exchange Act");



    • Specifies the number of and actions taken on such applications; and



    • Specifies the views of the Commission on the state of competition, transparency, and conflicts of interest among NRSROs.


The report also provides a thorough "summary of the rules proposed and adopted by the Commission during the year to which [the] report relates, a summary of the staff findings from the examinations of certain NRSROs, published on July 8, 2008, and addresses each of the items specified in Section 6 of the Rating Agency Act."  The Commission's "Annual Report on Nationally Recognized Statistical Rating Organizations," is a convenient, concise, and fairly plain language explanation of what the Commission has been doing over the past year to reform the regulation of NRSROs.

The full text of the SEC's September 2009 NRSRO report is available at:  http://www.sec.gov/divisions/marketreg/ratingagency/nrsroannrep0909.pdf