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The Government Securty and Exchange Commission (SEC) Propose Regulations on Credit Report Bureau Ratings The Securities and Exchange Commission (SEC) voted to have rules that will have an effect on Standard & Poor's, Moody's Investors Service, and Fitch Ratings. The rules would help companies when it comes to credit rating and eliminate some of the conflicts. In addition to the rules, they want to ban "flash orders" which allows some traders to get the edge when buying or selling stocks. The changes were open for public comment for sixty days and may be adopted and revised by the SEC.
Because of the problems of the subprime mortgages and financial woes, the credit industry has constantly been blamed. Regulators hope to give the more dominant rating firms some competition and within public view while having some restraints. Credit rating agencies have been slammed for not seeing the risks in securities backed by subprime mortgages. With home loan delinquencies and falling investments last year, the value of thousands of securities were downgraded.
One discussion was to keep companies from looking for favorable ratings of their securities. The agency would need to reveal all entities that paid for the credit rating and the income of the companies they rate. Agencies would also need to give their rating history back to mid 2007. According to SEC, Chairman Mary Schapiro, proposals are needed because investors may consider ratings when deciding if they wish to purchase or sell a specific security. Since ratings have not worked lately, more is needed to improve the rating process.
There has been an investigation into the three big credit rating agencies in California to determine their role in the collapse of the financial markets. They are trying to determine if any state laws were violated by giving good ratings to weak assets. A California Public Employees' Retirement System sued agencies, indicating they were lured into bad investments. With the collapse of Lehman Brothers a year ago, the attitude toward rating agencies are negative and a proposal to get rid of flash orders is being pursued in the interest of fairness. Some who operate Nasdaq Stock Market and the BATS exchange stopped using flash orders which are made up of about three percent of stock trading. There is a concern that unless flash trading is banned, it could undermine the fairness of our markets.
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