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).
The responsibilities involve conducting an annual exam of each credit rating agency and issuing a public report.
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In his new role which begins on 18 June 2012, Butler will oversee a staff of approximately 25 lawyers, accountants, and examiners responsible for examining and monitoring the NRSROs.
In his long spanning career, Butler has spent 14 years working at Morgan Stanley Smith Barney and its predecessors including Citi Global Wealth Management, where he held senior executive positions for several business units.
He was also a MD and COO for the investment strategy, investment advisory, global investments and public sector group units, apart from having worked at UBS Securities, Babcock & Brown, and two major law firms.
Earlier, the NRSRO examinations required under Dodd-Frank used to be conducted by the SEC’s Office of Compliance Inspections and Examinations, which issued the first public report regarding the annual examinations on 30 September 2011.
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By GlobalDataThe new office will be responsible for conducting an annual examination of each of the nine nationally recognized statistical rating organizations; including Standard & Poor’s, Moody’s and Fitch; and will also have to issue a public report.
