The SEC wagged its finger at the ratings agency industry today, accusing each of the 10 registered companies of "apparent failures" in key areas, including how they manage conflicts of interest, reports Reuters. Alas, those looking for specifics against the likes of Moody's, Fitch, and Standard & Poor's are out of luck. The report—the first of newly mandated annual reports under Dodd-Frank—doesn't single out companies.
None of the problems rose to the level of something called a "material regulatory deficiency," but the SEC says they still might. "We expect the credit rating agencies to address the concerns we have raised in a timely and effective way, and we will be monitoring their progress as part of our ongoing annual examinations," says an agency official. The SEC also cited a failure of the agencies at times to follow proper "ratings methodologies and procedures." (Read more SEC stories.)