Federal Register: Security Ratings

From MarketsReformWiki
Jump to: navigation, search
DTCC logo large.gif

Gavel.png FINAL RULE: This page refers to the proposed rulemaking on credit ratings regulation. The SEC final rule was issued at its July 26, 2011 open meeting.
Dodd-Frank Timeline, Removal of Certain References to Credit Ratings Under the Securities Exchange Act
Comment Deadline Final Rule Issue Effective Date
March 28, 2011 August 3, 2011 September 2, 2011

Comment letters pertaining the proposed rulemaking can be found here.

On February 9, 2011, the SEC held an open meeting, the first in a series concerning credit ratings regulation under the Dodd-Frank Act. Among the topics at this meeting was a rule proposal regarding the replacement of references to credit ratings with alternative criteria. The February 9 meeting adjourned with a unanimous vote in the proposal's favor.[1] Proposed rules were added to the Federal Register on February 16, 2011.

Proposed Rules

  • Removal of the "NRSRO investment grade ratings condition included in SEC forms S-3 and F-3 for offerings of non-convertible securities, such as debt securities."
  • Instead of ratings, a "new short-form test for shelf-offering eligibility of companies would be tied to the amount of debt and other non-convertible securities they have sold in the past three years."


  1. SEC Announcements - SEC Proposes First In Series of Rule Amendments to Remove References to Credit Ratings. SEC. Retrieved on February 9, 2011.

MarketsReformWiki Sponsors

McGladrey ADM Investor Services DTCC Fidessa