Defendant Name: Standard & Poor's Ratings Services

Defendant Type: Subsidiary of Public Company
Public Company Parent: McGraw Hill Financial, Inc.
SIC Code: 2731
CUSIP: 58064510

Initial Case Details

Legal Case Name In the Matter of Standard & Poor's Ratings Services
First Document Date 21-Jan-2015
Initial Filing Format Administrative Action
File Number 3-16346
Allegation Type Other

Violations Alleged

Securities Act
• Sec 17(a)(1)
Other
• Rule 17g-2(a)(6) Exchange Act

Resolutions

First Resolution Date 21-Jan-2015
Headline Total Penalty and Disgorgement $15,000,000

Related Documents:

2015-10_3-16346 21-Jan-2015 Press Release--Administrative Proceeding
SEC Announces Charges Against Standard & Poor's for Fraudulent Ratings Misconduct
On January 21, 2015, the SEC issued a Press Release that stated: "The Securities and Exchange Commission today announced a series of federal securities law violations by Standard & Poor's Ratings Services involving fraudulent misconduct in its ratings of certain commercial mortgage-backed securities (CMBS)."
33-9704 21-Jan-2015 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933 and Sections 15E(d) and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On January 21, 2015, the SEC instituted settled administrative and cease-and-desist proceedings against Standard & Poor's Ratings Services. According to the SEC: "These proceedings involve misconduct by S&P in 2012 concerning its criteria for rating conduit/fusion Commercial Mortgage Backed Securities ('CF CMBS') and related research. After being frozen out of the market for rating CF CMBS in late 2011, S&P sought to re-enter the market in 2012 by publishing new ratings criteria (the '2012 CMBS Criteria').... Separately, S&P also did not accurately describe certain aspects of its 2012 CMBS Criteria in the publication setting forth their operation."