Monday, April 13, 2009
In February 2009, the SEC issued a proposing release that included several proposals to further the Credit Rating Agency Reform Act’s purpose of promoting accountability, transparency, and competition in the credit rating industry. (The proposing release is available on the Commission’s Web site.) In addition, on April 15, the SEC will host a roundtable discussion regarding the oversight of credit rating agencies, as it relates to both the Commission’s pending proposals and more broadly. The roundtable will be webcast live at the SEC's website. The roundtable will consist of four panels. Roundtable participants were not identified in the release, but will include leaders from investor organizations, financial services associations, credit rating agencies, and academia.
The panel discussions will focus on:
• The perspective of current NRSROs: What went wrong and what corrective steps is the industry taking?
• Competition Issues: What are current barriers to entering the credit rating agency
• The perspective of users of credit ratings.
• Approaches to improve credit rating agency oversight.