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Staff Report on Nationally Recognized Statistical Rating Organizations (NRSROs)

Excerpt:  “The staff’s 2024 NRSRO examinations reviewed several areas, including:

  • the process by which NRSROs determine whether their methodologies are appropriately designed to reflect their view of relevant credit risks as conditions evolve;
  • surveillance practices of NRSROs to assess compliance with statutory and rule requirements, such as the requirement to have an effective internal control structure;
  • commercial real estate related rating activity to assess NRSRO adherence to rating methodologies and surveillance requirements; and
  • securities ownership policies for NRSRO employees and directors to assess whether such policies are reasonably designed to address and manage the related potential conflicts of interest.”
Report (48 pages)