On May 29, DBRS released its updated methodology for rating U.S. asset-backed commercial paper. On May 29, Fitch republished its criteria for rating supranationals. On May 28, Fitch released its updated criteria for rating...more
The following is a brief memo outlining the impact of the final risk retention rules on the securitization of residential mortgage loans.
In October 2014, the final Credit Risk Retention rules were...more
On May 22, DBRS released its methodology for rating entities in the real estate industry. On May 21, DBRS released its methodology for reviewing ratings of Canadian structured finance and covered bond transactions. On May 20,...more
On April 24, Fitch released its updated U.S. Auto Lease ABS Ratings Criteria. On April 27, DBRS released its Rating Canadian Covered Bonds Methodology. On April 27, S&P updated its Bank Rating Methodology and Assumptions to...more
Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) Regulations 2015 published -
On January 13, 2015, the Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment)...more
On January 22, Fitch released its rating criteria for rating RMBS in Latin America. On January 22, Moody’s released its global methodology for rating small and medium size enterprise balance sheet securitizations. On January...more
On October 22, 2014, six federal agencies approved a final rule requiring sponsors of asset securitization transactions to retain risk in those transactions. The final rule implements the risk retention requirements in the...more
Six federal agencies approved on October 22 a final rule requiring sponsors of securitization transactions to retain risk in those transactions. The final rule implements the risk retention requirements in the Dodd-Frank Wall...more
On October 20, the SEC revised EDGAR filer manual to reflect certain changes related to asset-backed security filings....more
Although regulators have rebuffed industry efforts to have tender option bonds (TOBs) exempted from the final credit risk retention rule (the CRRR), they have nevertheless provided some helpful changes and clarifications that...more
On October 21 and 22, the Fed, HUD, FDIC, FHFA, OCC, and SEC jointly approved final risk retention rules. The final rules, which implement Section 941 of Dodd Frank, generally follow the re-proposed rules issued in August...more
Call to Action: The final risk retention rules will change the status quo for nearly all CLO managers beginning in the fourth quarter of 2016. All managers should begin assessing whether and how they will comply with the...more
On October 21-22, 2014, the federal regulatory agencies responsible for implementing regulations under The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) finalized rules for risk retention...more
In this issue:
- In preliminarily denying two exemption requests, the SEC takes a stand for market transparency in ETFs and upholds the arbitrage mechanism that allows market prices to closely track NAVs.
Recently, the SEC issued a final rule to update its EDGAR system to support changes to the disclosure, reporting, and offering process for asset-backed securities....more
On October 13, Moody’s released is rating methodology for U.S. Health Insurance Companies.
On October 10, DBRS published its methodologies regarding the following...more
On October 22, 2014, the federal regulatory agencies responsible for implementing regulations under Dodd-Frank finalized the risk retention rules for ABS transactions, including CMBS transactions. The final rules come more...more
Senior Fed Officials Encourage Financial Industry Firms to Improve Compliance Culture -
Enhancing culture was the theme at a workshop on “Reforming Culture and Behavior in the Financial Services Industry” held at the...more
After three years of waiting, we now have our Risk Retention Rule. All six of the Agencies responsible for the Rule – the FDIC, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the...more
Contrary to many industry comments the new rules will require managers of open-market CLOS to retain risk.
On October 21, 2014, six US federal regulators (the Agencies) began voting to adopt final rules implementing...more
On October 22, 2014, six federal agencies adopted the final Credit Risk Retention Rule under Section 941 of the Dodd-Frank Act. The final rule will require sponsors of securitizations to retain an economic interest in the...more
On August 27, 2014, the Securities and Exchange Commission (the “SEC”) adopted two final rules implementing new regulations affecting asset-backed securities (“ABS”). The first set of rules, referred to in this memorandum as...more
In February 2014, the Securities and Exchange Commission (SEC) once again re-opened the comment period with respect to proposed revisions to Regulation AB relating to the disclosure of asset-level data after receiving many...more
On January 30, Fitch released its criteria for rating structured finance servicers of various products, including RMBS, CMBS and ABS. On January 30, Fitch released its criteria for rating operational risk of U.S. servicers of...more
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