Egan-Jones Ratings Company and its president Sean Egan will be barred for at least 18 months from rating asset-backed and government securities issuers as a Nationally Recognized Statistical Rating Organization (NRSRO).

The penalty comes as a result of the EJR and Egan settlement with the U.S. Securities and Exchange Commission over charges that the company falsely stated in its 2012 registration application to become a Nationally Recognized Statistical Rating Organization (NRSRO), that it rated issuers of asset-backed and government securities since 1995.

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