Rating agencies must report on controls under new SEC rules
Amendments to SEC's credit rating agency rules focus on ensuring robust internal controls and preventing conflicts of interest
Under new Securities and Exchange Commission (SEC) requirements adopted on August 28, chief executives of rating agencies will need to provide annual reports on internal control efficiency, while each rating announcement must be accompanied by additional paperwork demonstrating that the rating decision was independent of other business links between the agency and the subject.
The reforms are in response to claims that rating agencies appeased certain clients by lowering criteria during the
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