Dodd-Frank Act Repeals Securities Act Rule 436(g) on Credit Ratings - B&M Client Alert - R. Bivans, co-author

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Effective July 22, 2010, Title IX of the Dodd-Frank Act repealed Securities Act Rule 436(g). As a result, issuers of rated securities must now obtain the consent of the ratings agency to disclose ratings information other than “issuer disclosure-related ratings information” (credit rating disclosure in a filing with the Securities and Exchange Commission related only to changes to a credit rating, the liquidity of the issuer, the cost of funds for the issuer or the terms of agreements that refer to credit ratings). This Client Alert addresses the impact of the repeal of Rule 436(g) on issuers and ratings agencies, the recent guidance from the SEC for disclosing ratings and provides practical considerations for new and existing debt issuers.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Roger Bivans | Attorney Advertising

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