SEC Big-Wig Urges Competition For Credit Agencies

Law360, New York (May 22, 2006, 12:00 AM EDT) -- The U.S. Security and Exchange Commission’s process for certifying credit-rating agencies discourages competition in the industry, SEC Commissioner Cynthia Glassman said in a speech last week.

Glassman attacked an SEC proposal that requires a credit-rating agency to be “nationally recognized” before being certified by the agency, a stipulation that she said may be anti-competitive.

The proposal in question, released for public comment in 2005, was designed to add transparency to the process by which credit-rating agencies receive SEC certification and become Nationally Recognized Statistical Rating Organizations....
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