Credit Ratings

News & Analysis as of

CRA3: ESMA Proposes Wide-Ranging Disclosure Requirements on EU Originators, Sponsors and Issuers

The European Securities and Markets Authority (ESMA) published a consultation paper in February 2014, setting out (amongst other things) the draft Regulatory Technical Standards (RTS) on disclosure requirements for structured...more

SEC Amends Rule 5b-3 and Fund Registration Forms to Eliminate References to NRSRO Ratings

The U.S. Securities and Exchange Commission (SEC) recently adopted final amendments to certain rules and forms under the Investment Company Act of 1940 (1940 Act) and the Securities Act of 1933 (1933 Act) to implement a...more

SEC Adopts Amendments Removing References to Credit Ratings from Exchange Act Rules Relating to Broker-Dealer Financial...

The SEC issued Release No. 34-71194 (the “Adopting Release”) adopting amendments under the Securities Exchange Act of 1934 (the “Exchange Act”) that remove references to credit ratings by ratings agencies (including...more

SEC Removes References To NRSRO Ratings In Certain Rules And Forms

The SEC has adopted amendments to eliminate references in certain of its rules and forms to credit ratings by nationally recognized statistical rating organizations, or NRSROs. The changes were required by the...more

The Financial Report - Volume 2, No. 22 • December 12, 2013 (Global)

OSC to hold derivatives reporting seminar. The Ontario Securities Commission announced that it will hold a seminar on January 15, 2014, on the reporting requirements under the new Derivatives Trade Repositories and...more

Illinois Passes Landmark Pension Reform

The Governor of Illinois last week signed into law legislation involving significant overhauls to the state’s pension system. The reform is intended to help stabilize both the pension system and the state's financial health...more

New Dutch transfer pricing decree: incorporating case law, bringing clarity

The Dutch Ministry of Finance has released a new transfer pricing Decree that is already in effect. The New Decree, announced in late November, supersedes two earlier Decrees, that of 30 March 2001 (IFZ 2001/295) and...more

SEC Issues Credit Rating Agency Independence Study – No Changes Necessary

The staff of the Office of Credit Ratings of the SEC has submitted a study under Section 939C of the Dodd-Frank Wall Street Reform and Consumer Protection Act to the Committee on Banking, Housing, and Urban Affairs of the...more

Your Credit Rating Plays A Significant Role In The Price You Pay For NJ Auto Insurance

You may have a stellar driving record with no accidents or other issues, such as speeding, that might increase your insurance rates. Yet, you may not qualify for the low premium rates you believe you deserve unless you also...more

Credit Crunch Digest -- August 2013

This issue of the Credit Crunch Digest focuses on the future of Libor; a large settlement between Citigroup and Fannie Mae; another lawsuit against the ratings agencies; the duties of custodial banks to investors who lost...more

Rating Agency Developments - July 31, 2013

On July 26, Fitch released its criteria for rating servicing continuity risk in structured finance transactions. On July 25, Fitch released its criteria for rating state house financing agencies’ single-family mortgage...more

Securities Claim Against UBS Based on RMBS Credit Ratings Allegations Revived

On July 22, Judge Denise Casper of the United States District Court for the District of Massachusetts permitted plaintiff Capital Ventures International to pursue Massachusetts Uniform Securities Act claims against UBS...more

Orrick's Financial Industry Week in Review - July 29,2013

FHFA Statement on Freddie Mac Risk-Sharing Transaction - On July 24, the FHFA announced that Freddie Mac is nearing completion of its first risk-sharing transaction, a direct debt issuance, that will assist Freddie Mac...more

California Federal District Court Allows Government’s FIRREA-Based RMBS Suit To Proceed

On July 16, the U.S. District Court for the Central District of California denied a major credit rating agency’s motion to dismiss a DOJ complaint alleging that the firm defrauded investors in residential mortgage-backed...more

Federal Court Denies S&P’s Motion to Dismiss $5 Billion RMBS Fraud Suit

On July 16, Judge David O. Carter of the Federal District Court for the Central District of California denied Standard & Poor’s Financial Service LLC’s (S&P) motion to dismiss the U.S. government’s $5 billion fraud suit...more

Legal Alert: DOL Proposes to Substitute Creditworthiness Determinations for Credit Ratings in ERISA Prohibited Transaction Class...

On June 21, 2013, the Department of Labor (DOL) published proposed amendments to certain class exemptions required by Section 939 A of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which directs federal...more

The credit rating market for structured finance instruments: new requirements for issuers, originators and sponsors

On 31 May 2013, Regulation (EU) No 462/2013 (the “Amendment Regulation”) that further amends Regulation (EC) No 1060/2009 on credit rating agencies was published in the Official Journal. This was accompanied by a short...more

FHFA Proposes Rule To Replace Federal Home Loan Banks’ Use Of Credit Ratings

On May 23, the FHFA proposed a rule to require the Federal Home Loan Banks (FHLBs) to base determinations about the appropriateness of specific investments or activities on their own internal documented analyses of credit and...more

Rating Agency Developments - June 4, 2013

On May 31, Moody’s released its methodology for rating bond funds. On May 31, Moody’s released its methodology for rating obligations with variable promises. On May 30, Moody’s released its methodology for rating securities...more

Basel Committee’s Proposed Revisions to the Securitization Framework

The Basel Committee on Banking Supervision (the “Basel Committee”) published a consultative document, “Revisions to the Basel Securitisation Framework” (the “Proposed Revisions”) on December 18, 2012, which proposes...more

New York Demands Credit Score Changes For Hurricane Sandy-Impacted Consumers

On April 25, New York Governor Andrew Cuomo announced that the New York Department of Financial Services (DFS) sent a letter to several consumer credit bureaus, demanding that the firms (i) ensure that credit scores are not...more

SEC Credit Ratings Roundtable

On April 23, the SEC announced the agency for its Credit Ratings Roundtable which will be held on May 14. The roundtable will consist of three panels...more

Orrick's Financial Industry Week in Review - April 29, 2013

In This Issue: Financial Industry Developments: CFPB Proposed Clarifications on Qualified Mortgage Rules; SEC Credit Ratings Roundtable; FDIC Proposed Guidance on Deposit Advance Products; Rating Agency Developments; RMBS...more

California Attorney General Brings Action Against Standard and Poor’s

On February 5, the Attorney General of California, Kamala D. Harris, filed suit in Superior Court in California against Standard & Poor’s and its parent company, the McGraw Hill Company. The Complaint alleges violations of...more

Orrick's Financial Industry Week In Review - February 11, 2013

In This Issue: *RMBS Litigation - Assured Wins $90 Million in Damages in RMBS Breach of Contract Trial - DOJ Brings Civil Fraud Action Against S&P - S&P Seeks Declaration That Credit Ratings Are Immune...more

36 Results
|
View per page
Page: of 2