Greater Competition, Transparency and Elimination of Conflict Are Key Issues
for CFO Group
FLORHAM PARK, N.J., July 12 /PRNewswire/ -- Financial Executives
International's (FEI) Committee on Corporate Finance (CCF) has announced its
support of the "Credit Rating Agency Duopoly Relief Act of 2005."
"We are pleased to endorse the recently introduced credit rating agency
legislation," said Dennis Ling, Senior Vice President, Finance and Treasurer
Avon Products, Inc., and Chairman of FEI's Committee on Corporate Finance.
"We support the proposed legislation's goals of increased competition, greater
transparency, and elimination of the current no-action process for certifying
NRSROs."
The bill also includes CCF's recommendation, made public through a letter
to the SEC in June, that credit rating agencies identify the conflicts of
interest that arise in their business as well as the procedures they have
implemented to avoid those conflicts. CCF has also recommended preventing
rating agencies from offering both fee-based advisory services and rating
services to the same issuer.
Mr. Ling concluded: "As the legislation makes its way through Congress,
CCF looks forward to working with the House Financial Services Committee to
ensure that the conflict of interest provisions fully reflect the concerns of
the preparer community."
Financial Executives International (FEI) is the leading advocate for the
views of corporate financial management. Its 15,000 members hold policy-
making positions as chief financial officers, treasurers and controllers. FEI
enhances member professional development through peer networking, career
management services, conferences, teleconferences and publications. Members
participate in the activities of 85 chapters, 74 in the U.S, 11 in Canada.
Financial Executives Research Foundation (FERF) is the non-profit
501(c)(3) research affiliate of FEI. FERF researchers identify key financial
issues and develop impartial, timely research reports to FEI members and
non-members alike, in a variety of publication formats.
For more information, visit http://www.fei.org.
Contact:
Scott Sunshine Chris Allen
TowersGroup FEI
(212) 354-5020 (973) 765-1058
scottsunshine@towerspr.com callen@fei.org
SOURCE Financial Executives International
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Related links:
http://www.fei.org
Company News On-Call:
http://www.prnewswire.com/comp/310650.html
CONTACT:
Scott Sunshine of TowersGroup, for Financial
Executives International, +1-212-354-5020,
scottsunshine@towerspr.com; or Chris Allen of FEI,
+1-973-765-1058, callen@fei.org
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