SEC Approves New Rules For Credit-Rating Firms

Law360, New York (May 23, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission voted on Wednesday to adopt new rules in which it will oversee credit-rating agencies in a move meant to improve competition in the industry.

The SEC implemented provisions of the Credit Rating Agency Reform Act of 2006, which was enacted in September 2006. The act gives the commission authority to implement registration, recordkeeping, financial reporting and oversight rules to registered credit rating agencies.

"The goal of this new law is to improve credit ratings quality by fostering competition, accountability and...
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