By Dian L. Chu, Economic Forecasts & Opinions Image Source: Bloomberg.com
The U.S. Securities and Exchange Commission (SEC) on Thursday denied the application by China’s largest credit rating firm–Dagone Global Credit Rating Co.–to become a Nationally Recognized Statistical Rating Organization (NRSRO) in the U.S. The SEC cited concern regarding cross boarder supervision since “It does not appear possible at this time for Dagong to comply with the record keeping, production, and examination requirements of the federal securities laws.” Media report quoted an SEC official…
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