The SEC has announced that Thomas J. Butler has been appointed Director of the agency’s new Office of Credit Ratings.

The SEC’s Office of Credit Ratings was created by the Dodd-Frank Act and is responsible for overseeing the nine registered Nationally Recognized Statistical Rating Organizations (NRSROs). Required among these responsibilities is conducting an annual exam of each credit rating agency and issuing a public report.

Mr. Butler will oversee a staff of approximately 25 lawyers, accountants, and examiners responsible for examining and monitoring the NRSROs.

Prior to the creation of the Office of Credit Ratings, the NRSRO examinations required under Dodd-Frank have been conducted by the SEC’s Office of Compliance Inspections and Examinations.

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