News & Analysis as of

Credit Rating Agencies

Equifax Data Breach: Preliminary Lessons for the Adoption and Implementation of Insider Trading Policies

by Dorsey & Whitney LLP on

Insider trading allegations have surfaced at Equifax, a credit rating agency that last week announced a data breach that could potentially affect 143 million consumers in the United States, nearly half of the country’s...more

CFPB Insights On Alternative Data Use In Credit Scoring

by WilmerHale on

The growing utilization of alternative data in credit decisions and scoring models continues to attract the attention of regulators. Although clear and practical guidance from regulators remains elusive, regulator...more

European Securities and Markets Authority Consults on Updating the Guidelines on the Credit Rating Agency Endorsement Regime

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published a consultation paper on updating the Guidelines on the application of the endorsement regime under the Credit Rating Agencies Regulation. Endorsement is a regime...more

European Securities and Markets Authority Promotes Rules Supporting the Use of Smaller Credit Rating Agencies

by Shearman & Sterling LLP on

The European Securities and Markets Authority has issued a Supervisory Briefing, providing guidance to sectoral national regulators on the application of certain requirements to use smaller credit rating agencies under the...more

ESMA Clarifies Timelines for Publication of Credit Ratings and Rating Outlooks

by Reed Smith on

Credit rating agencies (‘CRAs’) that operate in the EU will be interested to hear that on 30 March 2017, ESMA published an update to its Questions & Answers (Q&A) on the ‘CRA’ Regulation (Regulation 1060/2009, as amended in...more

Financial Regulatory Developments Focus - January 2017

by Shearman & Sterling LLP on

In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more

Moody’s Settles RMBS/CDO Ratings Claims with DOJ, States

by Burr & Forman on

After markets closed on Friday the 13th, the U.S. Department of Justice (“DOJ”) announced an $864 million settlement regarding Moody’s credit ratings of residential mortgage-backed securities (“RMBS”) and collateralized debt...more

Financial Regulatory Developments Focus - December 2016

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

The Financial Report, Volume 5, Number 22 - December 2016

by DLA Piper on

Discussion and Analysis - Whenever a pendulum swings too far in one direction, it is inevitable that it will swing back in the opposite direction. Some simply refer to this as a “reversion to the mean.” Tuesday’s...more

The rise of sovereign credit rating downgrades

by Latham & Watkins LLP on

What is a sovereign credit rating and why is it important? A sovereign credit rating is a country’s credit rating as determined by credit rating agencies at the request of that particular country. Credit rating agencies...more

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 13

by K&L Gates LLP on

In 2012, the last edition of this book included a Chapter on the evolving role of issuers and trustees in European CMBS transactions. Such a Chapter would probably not have been considered necessary in the 2006 first edition....more

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 11

by K&L Gates LLP on

In the last edition of this title, in 2012, a view point was taken that loan servicers were front and centre of European CRE loan workouts and restructurings in the post GFC era and their role would become increasingly more...more

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 1

by K&L Gates LLP on

Commercial real estate (CRE) is a tremendously important asset, as the content of this book will discuss. However, the CRE lending and commercial mortgage-backed securities (CMBS) markets are, at the time of writing, largely...more

European Securities and Markets Authority Publishes Final Report on Validation and Review of Credit Rating Agencies' Methodologies

by Shearman & Sterling LLP on

The European Securities and Markets Authority published its final Report on Guidelines on how Credit Rating Agencies should review and validate their methodologies. The CRA Regulation requires CRAs to review their...more

International Organization of Securities Commissions Consults on Other Products and Services Offered by Credit Rating Agencies

by Shearman & Sterling LLP on

The International Organization of Securities Commissions published a consultation paper on the use of non-traditional products or services offered by credit rating agencies. ...more

European Commission Reports on Reporting Obligations under the Credit Rating Agencies Regulation 

by Shearman & Sterling LLP on

The European Commission published a report on reporting obligations under the Credit Rating Agencies Regulation. The Report reviewed references to external credit ratings in EU legislation and in private contracts among...more

European Commission Report on Credit Rating Agencies Regulation

On October 19, 2016, the European Commission published a report (COM(2016) 664 final) responding to reporting obligations set out in Regulation 1060/2009 (CRA Regulation). The report: - Analyzes references to...more

EU Technical Standards on Mapping Credit Assessments by Credit Rating Agencies for Securitization Positions

by Shearman & Sterling LLP on

A Commission Implementing Regulation containing Implementing Technical Standards on the mapping of assessments by Credit Rating Agencies for securitization positions under the Capital Requirements Regulation was published in...more

EU Technical Standards on Mapping Credit Assessments by Credit Rating Agencies Published

by Shearman & Sterling LLP on

A Commission Implementing Regulation containing the Implementing Technical Standards on the mapping of credit assessments to risk weights of External Credit Assessment Institutions under the Capital Requirements Regulation...more

Russian Legislation Update: 9 May - 17 July 2016

by White & Case LLP on

Welcome to the most recent issue of our Russian Legislation Update, covering the period of 9 May - 17 July 2016. In this issue: - Civil relations - Currency Control - Anti-Money Laundering - Banking -...more

ESMA Consultation on Validation and Review of Credit Rating Agencies’ Methodologies

On July 13, 2016 the European Securities and Markets Authority published a new consultation paper relating to Credit Rating Agency methodologies. This follows on from a discussion paper published on November 17, 2015 and an...more

Reputation Matters: Don’t Lose Opportunities Due to Inaccurate Personal Data

Consumers may be injured by inaccurate data that they cannot review or correct. There’s a hole in the bucket, dear Congress. The children’s song, “There’s a Hole in the Bucket,” exemplifies the conundrum many consumers...more

Hong Kong Securities Laws Violations: SFC’s Case Against Moody’s – Part 2

by Dorsey & Whitney LLP on

On March 31, 2016, the Securities and Futures Appeals Tribunal (“SFAT”) upheld the disciplinary action of the SFC against Moody’s. This landmark decision is the first of its kind, as a disciplinary action brought by the...more

UK Financial Regulatory Developments - May 2016 #5

by Dentons on

Commission discusses crowdfunding in the CMU - The Commission has published a report on crowdfunding in the EU capital markets union (CMU). The report assesses national regimes, identifies best practice and presents the...more

European Securities and Markets Authority Update on CRA Reporting

by Shearman & Sterling LLP on

The European Securities and Markets Authority published an update on reporting obligations in relation to information on structured finance instruments which ESMA receives under the Credit Rating Agency Regulation. The CRA...more

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