PLEASE BE INFORMED

The USA's Securities and Exchange Commission has issued civil proceedings against five broker-dealers, three dually registered broker-dealers and investment advisers, and two affiliated investment advisers for widespread and longstanding failures to maintain and preserve electronic communications. Settlements have been agreed... The decision, says the SEC, fulfils the desire of Congress after the 2008 (sic) financial crisis to reduce reliance on the primary credit reference agencies... 16 year old promise acted upon as USA's SEC plans to remove reference to credit ratings from Regulation M.