SEC Roundtable to Examine Oversight of Credit Rating Agencies
FOR IMMEDIATE RELEASE
Washington, D.C., March 6, 2009 — The Securities and Exchange Commission will hold a roundtable on April 15 relating to its oversight of credit rating agencies. Discussion topics will include issues related to recent SEC rulemaking initiatives, such as conflicts of interest, competition, and transparency.
In the fall of 2006, Congress passed the Credit Rating Agency Reform Act, providing the SEC for the first time with authority to supervise rating agencies. Using this authority that became effective in June 2007, the Commission has adopted two major rulemakings, has conducted an extensive 10-month examination of three major credit rating agencies, and has several pending proposals to further the Act's purpose of promoting accountability, transparency, and competition in the rating industry.
"Although our statutory authority to regulate rating agencies has only been effective for less than two years, it is clearly one of this agency's most important responsibilities," said SEC Chairman Mary L. Schapiro. "The SEC will hear from leading experts on credit rating agencies and the financial markets. Their insight will help the Commission as it continues its aggressive oversight of the industry, and considers whether to adopt the pending proposals."
Roundtable participants will include leaders from investor organizations, financial services associations, government agencies, credit rating agencies, and academia. A final agenda including a list of panelists will be announced at a future date.
The roundtable will be held in the auditorium at the SEC's headquarters at 100 F Street, NE, in Washington, D.C. The roundtable will be open to the public with seating on a first-come, first-served basis. The roundtable also will be webcast on the SEC Web site.
For additional information about the roundtable, contact Marlon Q. Paz in the SEC's Division of Trading and Markets at (202) 551-5756.
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