Rating Agency Reform Still Elusive Despite SEC Reproach

Law360, New York (November 19, 2012, 7:57 PM EST) -- The nation's top credit-rating agencies may face renewed pressure to reform their practices in the wake of a stinging U.S. Securities and Exchange Commission report Thursday, but attorneys say the broad industry crackdown envisioned by the Dodd-Frank Act remains a long way off.

The SEC's report took aim at credit-rating firms for allegedly changing their rating methods without telling anyone and not downgrading securities in a timely fashion. In some cases, firms also failed to disclose conflicts of interest or implement ethics policies for employees, the...
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