The Securities and Exchange Commission moved closer to complying with the Dodd-Frank Act's requirement that references to credit ratings be removed from SEC rules. The commission voted unanimously on Wednesday to eliminate references to “nationally recognized statistical ratings organizations” (NRSROs) from several SEC rules and is seeking comments on how best to implement other ways to assess creditworthiness of securities.

The most significant proposal would impact broker dealers' capital charges for holding commercial paper, nonconvertible debt, and preferred stock under the SEC's net capital rule, according to Market Watch.

The SEC has posted a version of the credit rating reference removal proposal on its website.