As the market nears the one-year anniversary of the current credit crunch, many industry participants have gotten past the initial phase of shock and have refocused their attention on learning from past mistakes.

Parts of these discussions center on securities regulation, including the conflict of interest that rating agencies face when assigning fee-based ratings. This was one of the topics of conversation at not only the Securities Industry and Financial Markets Association's Fixed Income Legal & Compliance Conference in New York last Wednesday, but it was also in the news as New York State Attorney General Andrew Cuomo struck a deal with the three major rating agencies to reduce such issues.

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