Tags: SEC | Moodys | ratings

SEC: Not Sure Who Should Investigate Moody's

Wednesday, 21 May 2008 11:57 AM

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WASHINGTON -- The U.S. Securities and Exchange Commission said on Wednesday it is unclear if it has jurisdiction over a reported computer coding error at Moody's that may have led the rating agency to assign incorrect triple-A ratings to complex debt products.

"It is my understanding that reports thus far concern activities in Europe over which the SEC may or may not have jurisdiction," SEC Chairman Christopher Cox told reporters after an SEC meeting. The SEC, which is responsible for ensuring that credit rating firms make adequate disclosures, is considering whether additional industry regulations are needed.

Shares of Moody's fell sharply on Wednesday after the Financial Times reported a computer coding error at Moody's affected ratings on its so-called constant proportion debt obligations.

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