WASHINGTON (Reuters) - Credit agencies will have to disclose more of their ratings history, and banks will have to share data used to rate financial products with all credit agencies, under rules adopted by U.S. regulators on Thursday.

The U.S. Securities and Exchange Commission passed those rules and proposed others as it took aim at the credit rating industry, blamed for fueling the financial crisis by assigning and maintaining high ratings on toxic mortgage-backed securities.

SEC Chairman Mary Schapiro said the rating agency industry needs to be subjected to a stronger regulatory framework because investors frequently consider ratings in making investment decision. “That reliance did not serve them well over the last several years,” she said.

The agency voted to seek comment on whether credit agencies should be categorized as “experts” under securities law, and thus subject to tougher standards of liability. The SEC said it is not proposing such a move yet, but wants feedback on its potential impact.

Further, the SEC proposed on Thursday to require banks to disclose all preliminary ratings they receive from credit agencies in an attempt to stop banks from shopping for the best credit rating for their products.

Under new rules finalized by the SEC on Thursday, credit rating agencies will have to reveal more information about past ratings so investors can compare their relative performance. The information would be publicly disclosed on a delayed basis, with up to a one- or two-year lag, to protect the rating agencies’ proprietary information.

This requirement would apply regardless of whether agencies are paid by issuers or by investors.

In another rule adopted on Thursday, the SEC said banks and credit rating agencies should be required to share data used to rate bonds with all credit rating agencies, in an attempt to generate unsolicited ratings.

To reduce reliance on credit ratings, the SEC voted to remove references to ratings in some of its rules and forms. The SEC said the embedded references could make investors rely on the credit raters’ actions instead of applying their own judgment on the value of securities.

Legislation in 2006 gave the SEC greater responsibility for overseeing credit raters, and charged the agency with fostering more competition in the industry long dominated by a few firms: Moody’s Corp’s Moody’s Investors Service, McGraw-Hill Cos’ Standard & Poor’s, and Fimalac SA’s Fitch Ratings.

At its meeting Thursday, the SEC was also considering proposing a ban on flash orders that stock exchanges send to a select group of traders fractions of a second before revealing them publicly. The practice has been criticized for giving an unfair advantage to some market participants who have lightning-fast computer trading software.