The U.S. Securities Industry and Financial Markets Association announced that it has formed a task force that will examine issues surrounding the credit ratings process.

SIFMA’s goal is to formalize and advance the dialogue between its members and rating agencies that took place during the past year, through a single group that will focus on this issue. Additionally, the task force will meet with government officials, legislators, regulators, multi-lateral authorities and key credit rating agencies.

The task force will be led by Boyce Greer, president of the fixed income and asset allocation division at Fidelity, and Deborah Cunningham, chief investment officer at Federated Investors. Two dozen firms representing a cross-section of the financial services industry will offer their perspectives in addressing a full range of issues, it said.

“Ensuring an open, competitive and more transparent credit rating system will be an important step towards restoring investor confidence and trust in our markets,” says Tim Ryan, president and CEO of SIFMA.

“This task force will take an integrated approach to exploring the credit rating system, including key issues such as the current use and quality of ratings, the issuer-pays model and rating agency independence,” Ryan says. “Given the global nature of the issues and the concerns voiced by regulators, SIFMA, with its worldwide financial services footprint, has a unique opportunity to be a leader in this space and serve as a catalyst for change.”