Japan's Securities And Exchange Surveillance Commission: Inspection Results Of Credit Rating Agencies

1. Background and Overview of Inspections of Credit Rating Agencies (“CRAs”) 

As a result of a revision of the Financial Instruments and Exchange Act, the registration system of CRAs started in April 2010. Since September 2010, seven CRAs (of five groups) have been registered as CRAs. 

In consideration of the important roles that CRAs play in capital and financial markets, the Securities and Exchange Surveillance Commission (“SESC”) has conducted a series of inspections of the CRAs since April 2011. 

Since the first round of inspections for all the seven CRAs (of the five groups) was finished in February 2013, the SESC hereby summaries and publishes the inspection results. 

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