About the Office of Credit Ratings
In July 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act"), which amended Section 15E of the Securities Exchange Act of 1934 (the "Exchange Act") to enhance the regulation, accountability, and transparency of nationally recognized statistical rating organizations or "NRSROs." As mandated by the Dodd-Frank Act, the Office of Credit Ratings ("OCR" or the "Office") was created in support of administering the rules of the Commission with respect to the practices of NRSROs in determining credit ratings in order to protect users of credit ratings and in the public interest, promoting accuracy in credit ratings issued by NRSROs, working to ensure that credit ratings are not unduly influenced by conflicts of interest, and that NRSROs provide greater transparency and disclosure to investors.
In support of this mission, OCR is mandated by the Dodd-Frank Act to conduct annual examinations of NRSROs to assess and promote compliance with statutory and Commission requirements, monitors the activities of NRSROs, conducts outreach with investors, issuers and other industry participants; develops and administers rules affecting NRSROs; and provides guidance with respect to the Commission’s regulatory initiatives related to NRSROs. OCR collaborates with domestic and foreign regulators on credit rating agency initiatives to facilitate regulatory continuity and enhance the Commission’s role in the global regulatory environment.
The Office is located in New York, NY and Washington, DC and is staffed with various subject-matter experts, including, examiners, attorneys, accountants, quantitative analysts, and financial analysts with expertise in structured finance, corporate finance, municipal finance, financial institutions, insurance companies, and credit rating agencies.