SEC Delays Rating Agency Reform Rules

By Karen Sibayan

November 24, 2008

The Securities and Exchange Commission (SEC) last Wednesday delayed a resolution on adopting rules that related to the regulation of credit rating agencies. The Commission will return to the issue on Dec. 3. Back in October 2006, President George W. Bush signed the Credit Rating Agency Reform Act of 2006 (CRARA) into law. This made substantial changes intended to revamp the rating agency business model. The law puts the SEC in charge of issuing rules regarding registered credit rating agencies' conflicts of interest and the misuse of public information.

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