ABSTRACT
This chapter analyses the effect the Dodd-Frank Act has had in relation to the desired v actual framework. It aims to readdress certain elements and ultimately build upon both the Securities and Exchange Act of 1934 and the Credit Rating Agency Reform Act of 2006 with respect to rating agencies. Congress deemed the agencies' operations to be commercial in nature, thus they were to be held to the same professional levels of accountability as registered public accounting firms or securities analysts under the securities laws. The Dodd-Frank Act has been widely criticised from a number of different perspectives, which is to be expected when such extensive reforms are enacted. To begin with the issues surrounding the interpretation of the industry itself, one commentator has noted that in aiming to remove the reliance upon NRSROs and making them more accountable, the Dodd-Frank Act has actually served to empower the Big Three and disadvantage its 'competitors'.
