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http://ssrn.com/abstract=1284709
 
 

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The SEC's Proposed Rating Agency Rules: Unresolved Conflicts


John P. Hunt


University of California, Davis - School of Law

June 26, 2008


Abstract:     
On June 16, the SEC made public new rules intended to increase transparency and reduce conflicts of interest in the credit rating process for fixed-income instruments. The proposal may be most important for what it does not do: The SEC does not plan to forbid the "issuer-pays" system, in which the rating agencies are paid by the parties whose products are being evaluated. Although the SEC apparently has the power to ban issuer-pays and recognizes that the arrangement creates potential conflicts of interest, the proposed rules address issuer-pays only through a half measure that appears unlikely to be effective.

Number of Pages in PDF File: 6

Keywords: rating agencies, credit crisis, SEC

JEL Classification: G18

working papers series


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Date posted: October 15, 2008 ; Last revised: November 21, 2008

Suggested Citation

Hunt, John P., The SEC's Proposed Rating Agency Rules: Unresolved Conflicts (June 26, 2008). Available at SSRN: http://ssrn.com/abstract=1284709 or http://dx.doi.org/10.2139/ssrn.1284709

Contact Information

John P. Hunt (Contact Author)
University of California, Davis - School of Law ( email )
Martin Luther King, Jr. Hall
Davis, CA 95616-5201
United States
(530) 752-5052 (Phone)
HOME PAGE: http://ratingagencylawblog.wordpress.com/
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