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Rating The Rating Agencies: SEC Appoints Wall Street Veteran

Harriet Davies Editor - Family Wealth Report 18 June 2012

Rating The Rating Agencies: SEC Appoints Wall Street Veteran

The Securities and Exchange Commission has appointed Thomas Butler as director of its new Office of Credit Ratings, mandated by Dodd-Frank and charged with oversight of the country’s main ratings agencies.

Butler will oversee a staff or around 25 lawyers, accountants and examiners responsible for monitoring the nine registered Nationally Recognized Statistical Rating Organizations (NRSROs). They will examine each agency on a yearly basis and release a public report.

Previously, the NRSRO exams required under Dodd-Frank were carried out by the SEC’s Office of Compliance Inspections and Examinations, starting 30 September 2011.

Before joining the SEC, Butler spent 14 years at Morgan Stanley Smith Barney and its predecessors, including Citi Global Wealth Management. His roles there included managing director for the investment strategy, investment advisory, global investments and public sector group divisions. He has also worked at UBS Securities and Babcock & Brown.

“Tom’s background and experience will bolster the agency’s oversight and review of credit rating agencies,” said Mary Schapiro, chairman of the SEC.

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