In keeping with its ongoing crackdown on the credit ratings agencies (see news from earlier this month here), the Securities and Exchange Commission (SEC) has this week voted unanimously to propose amendments that would remove references to credit ratings in several rules under the Exchange Act. This is all part of the requirements contained in Dodd Frank to remove references to credit ratings within agency rules and, where appropriate, replace them with alternative criteria, such as the notion of new “standards of credit-worthiness”.

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