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Sarbanes Oxley
Act |
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SEC. 702.
COMMISSION STUDY AND REPORT REGARDING CREDIT
RATING
AGENCIES.
(a) STUDY REQUIRED.—
(1) IN GENERAL.—The
Commission shall conduct a study
of the role
and function of credit rating agencies in the
operation
of the
securities market.
(2) AREAS OF
CONSIDERATION.—The study required
by this
subsection
shall examine—
(A) the role
of credit rating agencies in the evaluation
of issuers of
securities;
(B) the
importance of that role to investors and the
functioning
of the securities markets;
(C) any
impediments to the accurate appraisal by
credit
rating
agencies of the financial resources and risks
of
issuers of
securities;
(D) any
barriers to entry into the business of acting
as a credit
rating agency, and any measures needed to
remove such
barriers;
(E) any
measures which may be required to improve
the
dissemination of information concerning such
resources
and risks
when credit rating agencies announce credit
ratings; and
(F) any
conflicts of interest in the operation of
credit
rating
agencies and measures to prevent such
conflicts
or ameliorate
the consequences of such conflicts.
(b) REPORT REQUIRED.—The
Commission shall submit a report
on the study
required by subsection (a) to the President,
the Committee
on Financial
Services of the House of Representatives, and
the Committee
on Banking, Housing, and Urban Affairs of the
Senate not
later than 180 days after the date of
enactment of
this Act.
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