Section 932 of the Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 imposes new reporting, disclosure and examination requirements on the Securities and Exchange Commission (“SEC”) with respect to Nationally Recognised Statistical Rating Organisations (“NRSRO”). This report summarises the SEC’s observations and concerns arising from the examinations of ten credit rating agencies registered with the SEC as NRSROs. Particularly, the report notes that despite changes by some of the examined credit rating agencies to improve their operations, the SEC identified concerns at each of the NRSROs. These concerns included apparent failures in some instances to follow ratings methodologies and procedures, to make timely and accurate disclosures, to establish effective internal control structures for the rating process and to adequately manage conflicts of interest. The report notes that the SEC made various recommendations to the NRSROs to address these concerns and that in some cases the NRSROs have already taken steps to address such concerns.