The Securities and Exchange Commission moved closer to complyingwith the Dodd-Frank Act's requirement that references to creditratings be removed from SEC rules. The commission voted unanimouslyon Wednesday to eliminate references to “nationally recognizedstatistical ratings organizations” (NRSROs) from several SEC rulesand is seeking comments on how best to implement other ways toassess creditworthiness of securities.
The most significant proposal would impact broker dealers'capital charges for holding commercial paper, nonconvertible debt,and preferred stock under the SEC's net capital rule, according toMarket Watch.
The SEC has posted a version ofthe credit rating reference removal proposal on itswebsite.
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