Featured Product

    SEC Reports on CRAs Examine CRA Focus on Compliance and Competition

    December 18, 2018

    SEC released two reports on nationally recognized statistical rating organizations (NRSROs), which show that some firms are self-reporting instances of noncompliance and some smaller firms are continuing to compete with the larger firms in certain rating categories. The report on NRSRO examinations summarizes the findings and recommendations within each of the eight review areas required by statute. The annual report on NRSROs discusses the state of competition, transparency, and conflicts of interest among the firms and identifies applicants for NRSRO registration.

    The NRSRO summary report summarizes the findings and recommendations within each of the eight review areas required by statute, which are policies, procedures, and methodologies; management of conflicts of interest; implementation of ethics policies; internal supervisory controls; governance; DCO activities; complaints; and post-employment factors. The report summarizes the examinations conducted by the SEC staff under Section 15E(p)(3) of the Securities Exchange Act of 1934. This regulatory regime was established by the Credit Rating Agency Reform Act of 2006 and amended by the Dodd-Frank Act. The 10 credit rating agencies registered as NRSROs as of November 30, 2018 are A.M. Best Rating Services Inc, DBRS Inc, Egan-Jones Ratings Company, Fitch Ratings Inc, HR Ratings de México S.A. de C.V., Japan Credit Rating Agency Ltd, Kroll Bond Rating Agency Inc, Moody’s Investors Service Inc, Morningstar Credit Ratings LLC, and S&P Global Ratings. Overall, the credit rating agencies registered with SEC continue to promote compliance by enhancing their policies, procedures, and internal controls in response to SEC rules and staff examinations. 

     

    Related Links

    Keywords: Americas, US, Banking, Insurance, Securities, CRAs, NRSRO Reports, NRSRO, Dodd Frank Act, SEC

    Related Articles
    News

    PRA Revises Branch Return and Updates Guidance for Regulatory Reports

    PRA published the policy statement PS17/19, which contains the final policy related to changes in the format and content of the Branch Return Form and reporting guidance.

    September 12, 2019 WebPage Regulatory News
    News

    FINMA Outlines Treatment of Stablecoins in Supplement to Guide on ICO

    FINMA published a supplement to its initial coin offerings (ICOs) guidelines, outlining the treatment for stablecoins under the Swiss supervisory law.

    September 11, 2019 WebPage Regulatory News
    News

    Ursula von der Leyen Presents Structure of Next European Commission

    President-elect Ursula von der Leyen has presented her team and the new structure of the next European Commission.

    September 10, 2019 WebPage Regulatory News
    News

    FED Proposes to Revise and Extend Reporting Form on Systemic Risk

    FED proposed to extend for three years, with revision, the Banking Organization Systemic Risk Report (FR Y-15; OMB No. 7100-0352).

    September 10, 2019 WebPage Regulatory News
    News

    EBA Issues Revised List of Validation Rules for Reporting

    EBA published the revised list of validation rules (version 2.9) in its implementing technical standards on supervisory reporting.

    September 10, 2019 WebPage Regulatory News
    News

    Bundesbank Publishes Supplementary Validation Rules for Reporting

    Bundesbank published the updated document containing supplementary validation rules in the context of the implementation of the reporting system at national level.

    September 10, 2019 WebPage Regulatory News
    News

    APRA Licenses Xinja Bank as Authorized Deposit-Taking Institution

    APRA granted Xinja Bank Limited a license to operate as an authorized deposit-taking institution without restrictions, under the Banking Act 1959.

    September 09, 2019 WebPage Regulatory News
    News

    FDIC Proposes Revisions to Regulations on Interest Rate Restrictions

    FDIC proposed revisions to its regulations covering interest rate restrictions that apply to less than well-capitalized insured depository institutions.

    September 09, 2019 WebPage Regulatory News
    News

    EBA Intends to Clarify End-Treatment of Grandfathered Instruments

    EBA announced its intention to clarify the prudential treatment applicable to own funds instruments at the end of the grandfathering period, which expires on December 31, 2021.

    September 09, 2019 WebPage Regulatory News
    News

    IMF Releases Reports on 2019 Article IV Consultation with Saudi Arabia

    IMF published its staff report and selected issues report in context of the 2019 Article IV consultation with Saudi Arabia.

    September 09, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3799