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  "documentTitle": "NRSRO Rating Agencies (Moody's, S&P, Fitch)",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2010-05-26 00:00:00",
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      "text": "Repealing NRSRO legal exemptions will mitigate undue reliance on ratings",
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      "text": "Re-Thinking Reg FD – The SEC should repeal the NRSRO exemption from fair disclosure rules that currently allow rating agencies access to issuers’ material non-public information. Investors justified their over-reliance on ratings in large part on account of NRSRO information advantages. Repeal of the SEC’s Reg FD exemption would reduce reliance premised on information asymmetries.",
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      "text": "Prospectus Delivery Requirements – Each issuer that seeks an NRSRO rating should be required to include in its bond offering prospectus all information that a reasonable investor would need to form an investment decision. Any information that could reasonably be expected to impact ratings should be viewed – by definition – as material and therefore should be disclosed in prospectuses and in on-going public disclosures. Improved disclosure requirements would improve the accuracy of fundamental analysis and level the playing field among market participants.",
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