On September 17, the Securities and Exchange Commission (SEC) took various actions on new rules relating to nationally recognized statistical rating organizations (NRSROs). The SEC adopted a number of rules it had previously proposed, and voted to re-open the comment period on others. The SEC also announced that it will publish for comment several new rules concerning NRSROs and credit ratings, and will also publish a concept release on a rule change that would make credit rating agencies liable as “experts” for ratings disclosures in public securities offerings. The attached memo describes these recent SEC actions in greater detail.
