Tuesday, July 1, 2008
The SEC published for public comment proposed rule changes that are intended to make the limits and purposes of credit ratings clear to investors and to ensure that the role assigned to ratings in SEC rules is consistent with the objectives of having investors make an independent judgment of credit risks. The SEC voted on June 25, 2008, to issue for public comment this third set of proposed recommendations to bring increased transparency to the credit ratings process and curb practices that contributed to recent turmoil in the credit markets. The Commission voted to propose the first two sets of recommendations on June 11, 2008.
Today's proposed rule changes are set forth in three releases: