SEC Sends Wells Notice to S&P Concerning MBS Ratings

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On July 23, S&P’s parent company, McGraw Hill Financial Inc., disclosed that it received a Wells notice indicating that the SEC’s enforcement staff had made a preliminary determination to recommend that the SEC institute an enforcement action against S&P alleging violation of federal securities laws with respect to S&P’s ratings of six commercial MBS transactions in 2011 and public disclosures made by S&P regarding those ratings thereafter. S&P will have the opportunity to respond to provide its perspective and to address the issues raised by the enforcement staff before any enforcement proceeding is initiated. Press Release.

Topics:  Enforcement, Enforcement Actions, Mortgage-Backed Securities, S&P, SEC, Securities

Published In: General Business Updates, Finance & Banking Updates, Securities Updates

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.

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