Credit Reporting Agency Oversight

Securities and Exchange commissioners held a day-long meeting to review credit rating agency operations and talk about regulation of financial markets. Panelists spoke about credit ratings and the use of credit rating services by various corporations. Among the topics they addressed were the accuracy and quality of information provided by credit rating agencies, the need for transparent accounting procedures, and various proposals for a new business model for credit rating agencies.

After opening remarks by Chairman Schapiro, Dan Gallagher moderated the first panel on what credit rating agencies are doing to address the problems with the financial markets.

“Current NRSRO (Nationally Recognized Statistical Rating Organization) Perspectives: What Went Wrong and What Corrective Steps Is the Industry Taking?” was the first panel of the Securities and Exchange Commission (SEC) “Roundtable to Examine Oversight of Credit Rating Agencies” held in the auditorium at the SEC’s headquarter close