Report on the Role and Function of Credit Rating Agencies in the Operation of the Securities Market As Required by Section 702(b) of the Sarbanes-Oxley Act of 2002

摘要

The Securities and Exchange Commission (Commission or SEC) has prepared this Report on the role and function of credit rating agencies in the operation of the securities markets in response to the Congressional directive contained in the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley Act). The Report is designed to address each of the topics identified for Commission study in the Sarbanes-Oxley Act, including the role of credit rating agencies and their importance to the securities markets, impediments faced by credit rating agencies in performing that role, measures to improve information flow to the market from rating agencies, barriers to entry into the credit rating business, and conflicts of interest faced by rating agencies. As the report called for by the Sarbanes-Oxley Act coincided with a review of credit rating agencies already underway at the Commission, the Report addresses certain issues regarding rating agencies, such as allegations of anticompetitive or unfair practices, the level of diligence of credit rating agencies, and the extent and manner of Commission oversight, that go beyond those specifically identified in the Sarbanes-Oxley Act.