SEC Alert! Staff Report on Nationally Recognized Statistical Rating Organizations (NRSO): Of 10 total NRSO's Fitch, Moody’s, and S&P are categorized as “large NRSROs”. All 3 had essential material regulatory deficiencies
More in depth post here: https://www.reddit.com/r/Superstonk/comments/10rt2n6/sec_publishes_annual_staff_report_on_nationally/
Fitch, Moody’s, and S&P are categorized as “large NRSROs”. All 3 had essential material regulatory deficiencies undermining quality of credit ratings & inconsistent any-fraud provisions.
As of December 31, 2022, there were ten credit rating agencies registered as NRSROs.
Of the 10, Fitch, Moody’s, and S&P are categorized as “large NRSROs”
Remember, Fitch, Moody’s, and S&P are categorized as “large NRSROs”:
- Large NRSRO #1 The NRSRO did not appear to comply with the Section 15E(g)(1) requirement to enforce policies and procedures reasonably designed to prevent the misuse of material, non-public information.
- Large NRSRO #2 The NRSRO did not promptly provide complete records subject to a retention requirement and therefore did not appear to comply with Rule 17g-2(f). The NRSRO did not provide two records requested by the Staff in a timely manner, because the NRSRO did not conduct an adequate review for completeness prior to providing its response.
- Large NRSRO #3 The NRSRO did not appear to establish, maintain, enforce, and document an effective internal control structure governing adherence to policies, procedures, and methodologies for determining credit ratings, as required by Section 15E(c)(3)(A).
