SEC Open Meeting, May 18, 2011

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Dodd-Frank Timeline, NRSROs, SEC
Proposal Date Final Rule Issue Effective Date
June 8, 2011 September 15, 2014 November 14, 2014

The U.S. Securities and Exchange Commission (SEC) public meeting focused on the issuance of proposed rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act concerning nationally recognized statistical rating organizations (NRSROs).

Archived webcast:

Meeting Summary

Topics of Discussion

  • Enhancing existing regulation concerning credit ratings and NRSROs.
  • Third-party due diligence reports for asset-backed securities.

Related Documents

Nationally Recognized Statistical Rating Organizations

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Commissioner Luis A. Aguilar, whose statements include:

  • An overview of requirements for NRSROs set by the proposal.
  • "By standardizing the disclosure of historical performance, by individual rating and by category of rating, our proposal would make it easier for ratings users and others, such as academics, to make meaningful comparisons of the quality of ratings by different NRSROs. This improved transparency will bring greater accountability. And holding NRSROs publicly accountable for their ratings quality would be expected to increase their incentives to ensure that their ratings are well-founded in careful analysis."

Chairman Mary L. Schapiro; whose statements include:

  • "We are considering a proposal to require an NRSRO to file an annual report assessing the effectiveness of its internal control structure which governs the way it determines credit ratings.
  • We also are considering a proposal to address the conflict of interest that arises when credit analysts participate in the sales and marketing of an NRSRO’s products.
  • And we are considering a proposal to require NRSROs to establish standards of training, experience, and competence of credit analysts."

Commissioner Kathleen L. Casey, whose statements include:

  • Concern that the proposal may not only regulate the behavior of NRSROs, but also the substance of the credit ratings in general.
  • The suggestion of cost-benefit analysis for the proposal.


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