Transcription of Report on the Role and Function of Credit Rating ... - SEC
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Report on the Role and Function of Credit Rating ... - SEC
Report on the Role and Function of Credit Rating Agencies in the Operation of the securities Markets As Required by Section 702(b) of the Sarbanes-Oxley Act of 2002 securities and Exchange Commission January 2003 i TABLE OF CONTENTS EXECUTIVE 1 I. INTRODUCTION .. 3 II. BACKGROUND A. General .. 5 B. Regulatory Use of Credit Ratings .. 6 C. Recognition of NRSROs .. 8 1. NRSRO Recognition Criteria .. 9 2. Recent Initiatives .. 10 a. 1994 Concept Release ..10 b. 1997 Rule Proposal ..12 III. RECENT INQUIRIES INTO THE ROLE OF Credit Rating AGENCIES A. Senate Initiatives .. 16 1. Enron-Related Credit Rating Agency Hearing .. 16 2. Governmental Affairs Committee Staff Report .. 17 B. Commission Initiatives .. 18 1. Broad-Based Commission Review .. 18 2. Commission Examinations of NRSROs .. 19 3. Credit Rating Agency Hearings.
the capital markets. Part II of this Report contains a background discussion of credit rating agencies, and how credit ratings have become incorporated into the current regulatory framework. Part III describes in more detail recent Congressional and Commission initiatives to review the role of credit rating agencies in the U.S. securities markets.
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