6/26/2008

Rule changes proposed by the Securities and Exchange Commission would lower reliance on credit ratings. The SEC's board voted, 3-0, to propose the rules, which now enter a 60-day comment period. "It is important that we guard against embedded over-reliance on ratings in SEC regulations, as well as in investors guidelines, state laws, Basel II, and bilateral contact," said Deborah Cunningham, co-chair of SIFMA's credit-rating agency task force. Read the SIFMA press release on ratings-agency rules.

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