Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Tuesday, September 1, 2009

SEC's Inspector General Criticizes SEC's Oversight of Rating Agencies

The SEC's Office of Inspector General released a report on The SEC's Role Regarding and Oversight of Nationally Recognized Statistical Rating Organizations (NRSROs) on August 27.  The OIG concludes that despite recognition of the importance of NRSROs post-Enron the SEC was slow to act in this area, even after enactment of the Credit Rating Agency Act in 2006.  The report sets forth 24 recommendations to strengthen the SEC's oversight and calls for the agency to provide it, within 45 days, of a written action plan to address the recommendations.

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