SEC moves to cut ratings out of registration requirements

US Securities and Exchange Commission (SEC) officials on Wednesday voted unanimously to propose a rule that removes credit ratings from the conditions for companies that want to use short-form registration when registering securities for sale.

The proposed rule stems from section 939A of the Dodd-Frank Act, which calls on all federal agencies to review the extent to which their existing regulations rely on credit ratings, and remove these conditions as appropriate. All five SEC commissioners bac