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SEC's Role Regarding and Oversight of Nationally Recognized Statistical Rating Organizations (NRSROs)

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SEC OIG: The SEC’s Role Regarding and Oversight of Nationally Recognized Statistical Rating Organizations (NRSROs), Public Version, August 27, 2009.

  • “The Nationally Recognized Statistical Rating Organizations (NRSRO), which are credit rating agencies that have been approved by the Commission, may have played a critical role in the current economic crisis and have been criticized in the past when certain high profile issuers defaulted on their debt payments. In September 2006, the Credit Rating Agency Reform Act (Act) was passed, granting the Commission formal oversight authority over NRSROs. The purpose of the Act was to improve accountability, transparency and competition in the credit rating agency industry. The Commission continues to conduct additional rulemaking in response to issues related to the involvement of NRSROs in the current economic crisis. Given the importance of NRSROs, we initiated this audit in accordance with our audit plan. The audit’s objective was to identify improvements in the SEC’s oversight of NRSROs. The audit focused on the implementation and compliance with the Act and Commission rules. We also reviewed the SEC’s history with NRSROs to assess the SEC’s efforts to implement the Act’s accountability, competition, and transparency objectives.”
  • Nationally Recognized Statistical Rating Organizations (“NRSROs”)
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