Alert February 17, 2009

SEC Publishes Releases for Final Rules and Proposed Rulemaking Affecting NRSROs

The SEC published formal releases for final and proposed rules related to the regulation of the credit rating agencies that register with it as Nationally Recognized Securities Rating Organizations (“NRSROs”), as approved at its December 3, 2008 meeting.  The final rules address conflicts of interest in the rating process and NRSROs’ reporting and disclosure obligations, particularly with respect to ratings for structured finance products.  The proposed rules would make additional changes to the SEC’s NRSRO rules and Regulation FD affecting other disclosures related to the credit rating process.  (For additional detail on the adopted and proposed rule changes, see the December 9, 2008 Alert.)  The adopting release for the final rules is available on the SEC website at http://www.sec.gov/rules/final/2009/34-59342.pdf.  The release proposing additional rule changes is available on the SEC website at http://www.sec.gov/rules/proposed/2009/34-59343.pdf.