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File name: SSRN-id1304209. ; Size: 108K
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The SEC's Proposed Rating Agency Rules: Unresolved Conflicts
John P. Hunt
University of California, Davis - School of Law; Berkeley Center for Law, Business and the Economy
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
Download This Paper
Date posted: October 15, 2008
; Last revised: November 21, 2008
Suggested CitationHunt, 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
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