DBRS Comments on SEC Proposed Rules for Nationally Recognized Statistical Rating Organizations
DBRS has commented on the U.S. Securities and Exchange Commission (SEC) proposals to further modify the rules governing nationally recognized statistical rating organizations (NRSROs). DBRS is registered with the SEC as an NRSRO.
In this latest rulemaking, the SEC proposes to require NRSROs to (1) furnish the SEC with annual reports regarding the operation of their compliance programs; (2) disclose information on Form NRSRO about aggregate sources of their credit rating revenues and the percentage of their revenues attributable to something other than credit rating services; and (3) make detailed revenue information available on their public websites. The SEC also seeks comment on measures that could be taken to differentiate structured finance credit ratings from ratings on other types of financial instruments. Finally, the SEC asks whether it should extend the scope of a new rule designed to encourage unsolicited credit ratings on structured finance products, although the compliance date for this rule is not until June 2, 2010.
DBRS’s letter to the SEC is available on www.dbrs.com under Regulatory Affairs.
DBRS has its headquarters in Toronto, with offices in New York and Chicago, and covers entities worldwide.