|  | | 2009 News and Press Releases | | |
HEADLINE NEWS:
SEC Scolds, Moves To Reform Credit Agencies
Staff Writer
Reuters. September 21, 2009
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EXCERPT: Credit agencies will have to disclose more of their ratings history, and banks will have to share data used to rate financial products with all credit agencies, under rules adopted by U.S. regulators on Thursday. […] The agency also voted to ask for comment on whether credit agencies should be categorized as "experts" under securities law, and thus subject to tougher standards of liability. The SEC said it is not proposing such a move yet but wants feedback on its potential impact. Further, the SEC proposed on Thursday to require banks to disclose all preliminary ratings they receive from credit agencies in an attempt to stop banks from shopping for the best credit rating for their products.
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