Washington D.C., Jan. 24, 2020 —
Two annual SEC staff reports released today highlight the important work of the Office of Credit Ratings in examining and monitoring nationally recognized statistical rating organizations (NRSROs). The reports indicate that the NRSROs made certain improvements in response to the staff’s examinations and that both the range of NRSROs issuing commentaries as well as the topics covered by those commentaries has expanded.
“We continue to regularly examine and engage with each NRSRO to promote regulatory compliance and effective oversight for the protection of investors,” said Jessica S. Kane, Director of the SEC’s Office of Credit Ratings. “Staff engages in a careful risk assessment process to focus on the statutory review areas, while also identifying additional risk-based areas for review.”
The report on NRSRO examinations summarizes the staff’s essential findings and recommendations in each of the eight review areas required by statute. The report on NRSROs discusses the state of competition, transparency, and conflicts of interest among the firms and also identifies any applicants for NRSRO registration.
The following SEC staff contributed to the 2019 examinations and reports: Diane Audino, Chichita Becton, Michael Bloise, Sondra Boddie, Rita Bolger, Patrick Boyle, Aaron Byrd, Roseann Catania, Kristin Costello, Doreen Crawford, Jeannette Crawford, Scott Davey, Ilya Fradkin, William Garnett, Kenneth Godwin, Michael Gonzalez, Barry Huang, Julia Kiel, Russell Long, Kevin O’Neill, Harriet Orol, Abraham Putney, Jeremiah Roberts, Carlos Rodriguez, Mary Ryan, Cynthia Sargent, Andrew Smith, Alexa Strear, Warren Tong, Evelyn Tuntono, Chris Valtin, Kevin Vasel, Andrew Vita, and Michele Wilham.