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The Credit Agency Reform Act of 2006 established a registration and oversight program for credit rating agencies registered with the SEC as nationally recognized statistical rating organizations (“NRSROs”) through self-executing provisions added to the Exchange Act and implementing rules adopted by the SEC.  The SEC adopted rules to implement the required registration and oversight program for NRSROs in June 2007.  Those implementing rules included Form NRSRO, Rule 17g-1, Rule 17g-2, Rule 17g-3, Rule 17g-4, Rule 17g-5 and Rule 17g-6.

Dodd Frank established new self-executing requirements applicable to NRSROs and requires that the SEC adopt rules applicable to NRSROs in a number of areas.  The SEC has proposed new rules to implement a number of the Dodd Frank provisions related to NRSROs.

In January 2011, the SEC adopted final regulations implementing Section 943 of Dodd-Frank, including Rule 17g-7, which requires NRSROs to include information regarding the representations, warranties, and enforcement mechanisms available to investors in an asset-backed securities offering.  

Dodd Frank also mandated the creation of the Office of Credit Ratings (“OCR”), which was established in June 2012.  OCR is responsible for oversight of credit rating agencies registered with the SEC as NRSROs.

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