Egan-Jones becomes first rating agency to be barred by SEC
Smaller agency blocked from rating ABS and sovereign debt
The US Securities and Exchange Commission has banned rating agency Egan-Jones from rating asset-backed securities (ABS) and government securities for the next 18 months – the first agency to have its US nationally recognised statistical rating organisation (NRSRO) status removed.
Egan-Jones retains NRSRO status for corporate issuers.
The US regulator launched proceedings against Egan-Jones in April last year, accusing it of lying on its application for NRSRO status for ABS and government
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