SEC Proposes Rules for Registration of Credit Rating Agencies

March 01, 2007

On February 2, 2007, the Securities and Exchange Commission (the "Commission," or "SEC") issued a release (the "Release") proposing rules to effectuate the provisions of the Credit Rating Agency Reform Act of 2006 (the "Act"). The Act, which President Bush signed into law on September 29, 2006, provides authority for the Commission to adopt rules concerning registration, recordkeeping, financial reporting, and oversight (the "Proposed Rules") with respect to credit rating agencies seeking to register as Nationally Recognized Statistical Rating Organizations ("NRSROs").

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