TITLE VII - STUDIES AND REPORTS
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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