Credit rating agency/Timelines: Difference between revisions
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==2001== | ==Defaults of rated corporations== | ||
===2001=== | |||
* Enron collapse - Enron given investment-grade ratings until 4 days before it collapsed. | * Enron collapse - Enron given investment-grade ratings until 4 days before it collapsed. | ||
==2002== | ===2002=== | ||
* WorldCom bankruptcy[http://www.moodyskmv.com/research/files/WorldCom.pdf] - 3 months after receiving an investment-grade rating. | * WorldCom bankruptcy[http://www.moodyskmv.com/research/files/WorldCom.pdf] - 3 months after receiving an investment-grade rating. | ||
* Global Crossing Ltd defaults on loans in July after being given an investment grade rating in March[http://news.bbc.co.uk/1/hi/business/1709967.stm]. | * Global Crossing Ltd defaults on loans in July after being given an investment grade rating in March[http://news.bbc.co.uk/1/hi/business/1709967.stm]. | ||
= | ===2007=== | ||
==2007= | |||
===2008=== | |||
==Regulation of the Agencies== | |||
===2002=== | |||
* Sarbanes-Oxley Act - requires the SEC to conduct a study of the role and function of credit rating agencies | |||
===2006=== | |||
*Congress passed the Credit Rating Agency Reform Act[http://www.govtrack.us/congress/bill.xpd?tab=summary&bill=s109-3850] that provided the SEC with authority to impose registration, recordkeeping, and reporting rules on credit rating agencies registered as Nationally Recognized Statistical Rating Organizations (NRSRO). Currently, 10 credit rating agencies are registered with the Commission as NRSROs as defined by the Act. | |||
==2009== | ===2009=== | ||
*April European Community adopts new regulation concerning credit rating agencies[http://europa.eu/rapid/pressReleasesAction.do?reference=IP/09/629] | *April European Community adopts new regulation concerning credit rating agencies[http://europa.eu/rapid/pressReleasesAction.do?reference=IP/09/629] | ||
*July US Government proposal for regulation of CRAs sent to the Congress for approval[http://www.ustreas.gov/press/releases/tg223.htm] | *July US Government proposal for regulation of CRAs sent to the Congress for approval[http://www.ustreas.gov/press/releases/tg223.htm] | ||
*September SEC Votes on Measures to Further Strengthen Oversight of Credit Rating Agencies[http://www.sec.gov/news/press/2009/2009-200.htm] | *September SEC Votes on Measures to Further Strengthen Oversight of Credit Rating Agencies[http://www.sec.gov/news/press/2009/2009-200.htm] | ||
*October ''Accountability and Transparency in Rating Agencies Act''[http://www.house.gov/apps/list/speech/financialsvcs_dem/credit_rating_agencies_draft.pdfhttp://www.house.gov/apps/list/speech/financialsvcs_dem/credit_rating_agencies_draft.pdf.] passed by | *October ''Accountability and Transparency in Rating Agencies Act''[http://www.house.gov/apps/list/speech/financialsvcs_dem/credit_rating_agencies_draft.pdfhttp://www.house.gov/apps/list/speech/financialsvcs_dem/credit_rating_agencies_draft.pdf.] passed by the House of Representatives | ||
House of Representatives | |||
*December SEC Amendments to Rules for Nationally Recognized Statistical Rating Organizations[http://www.sec.gov/rules/final/2009/34-61050fr.pdf] | *December SEC Amendments to Rules for Nationally Recognized Statistical Rating Organizations[http://www.sec.gov/rules/final/2009/34-61050fr.pdf] | ||
Revision as of 07:19, 3 March 2010
Defaults of rated corporations
2001
- Enron collapse - Enron given investment-grade ratings until 4 days before it collapsed.
2002
- WorldCom bankruptcy[1] - 3 months after receiving an investment-grade rating.
- Global Crossing Ltd defaults on loans in July after being given an investment grade rating in March[2].
2007
2008
Regulation of the Agencies
2002
- Sarbanes-Oxley Act - requires the SEC to conduct a study of the role and function of credit rating agencies
2006
- Congress passed the Credit Rating Agency Reform Act[3] that provided the SEC with authority to impose registration, recordkeeping, and reporting rules on credit rating agencies registered as Nationally Recognized Statistical Rating Organizations (NRSRO). Currently, 10 credit rating agencies are registered with the Commission as NRSROs as defined by the Act.
2009
- April European Community adopts new regulation concerning credit rating agencies[4]
- July US Government proposal for regulation of CRAs sent to the Congress for approval[5]
- September SEC Votes on Measures to Further Strengthen Oversight of Credit Rating Agencies[6]
- October Accountability and Transparency in Rating Agencies Act[7] passed by the House of Representatives
- December SEC Amendments to Rules for Nationally Recognized Statistical Rating Organizations[8]