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United States · Bill · HR

H.R. 2990 (109th)

Credit Rating Agency Duopoly Relief Act of 2006

referredUnited States· United States Congress· EN

Introduced

20 June 2005

Last action

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Status

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

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Subjects

Discovery layer

Source updated

7 April 2025

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Summary

Credit Rating Agency Duopoly Relief Act of 2005 - Amends the Securities Exchange Act of 1934 to define a statistical rating organization (SRO) to include an entity: (1) whose primary business, for at least the most recent three consecutive years, has been the issuance of publicly available ratings; and (2) that employs either a quantitative or qualitative model to determine its publicly available ratings. Prescribes procedural requirements for mandatory SRO registration. Declares it is unlawful for an SRO to: (1) make use of the mails or any means or instrumentality of interstate commerce in connection with its business as an SRO unless it is in compliance with the registration requirements formulated under this Act; and (2) represent or imply that it has been sponsored, recommended, or approved, or that its abilities or qualifications have in any respect been passed upon, by any federal agency or officer. Requires each SRO to establish and enforce written policies and procedures to: (1) prevent the misuse in violation of this Act of material, nonpublic information by the SRO or any associated person; and (2) address and manage potential conflicts of interest. Directs the Securities and Exchange Commission (SEC) to: (1) adopt rules proscribing specific anti-competitive practices common to the SRO industry; and (2) cease to designate entities as nationally recognized SROs. Declares void and of no force or effect the no-action relief that the SEC has granted with respect to the designation of nationally recognized SROs. Requires every SRO to maintain such records as the SEC requires.

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Documents

11 official files

Referred in Senate (text)

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