U.S. Securities and Exchange Commission inspectors said a large credit-rating firm's procedures "appeared to allow" for a pending rating decision to be disclosed to certain people before the action was publicly announced.
The findings, based on inspections conducted in 2009 and 2010, were part of the SEC's first annual report on credit-rating firms mandated by the Dodd-Frank Act. Carlo di Florio, head of the Office of Compliance Inspections and Examinations, declined to identify any of the firms referenced in the report.
"If we find any concerns or significant violations of law we make referrals to the Enforcement Division and they take appropriate action," di Florio said in a conference call with reporters today.
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