News & Analysis as of

Removal of Credit Ratings References

On July 23, 2014, in connection with the adoption of final rules governing the structure and operation of money market funds, the Securities and Exchange Commission (SEC) re-proposed amendments to Rule 2a-7 to implement...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

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

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

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

Dechert OnPoint Details Recent SEC Report on Credit Ratings for Structured Finance Products

While we’re on the topic of Dodd-Frank rules and regs that could have a significant impact on the securitization market, the SEC recently reported the findings of a study it conducted regarding assigned credit ratings for...more

Securities and Exchange Commission Report to Congress on Assigned Credit Ratings for Structured Finance Products

Recently the Staff of the Division of Trading and Markets (the “Staff”) of the U.S. Securities and Exchange Commission (the “Commission”) published a report to Congress outlining the findings from the study the Commission was...more

Orrick's Financial Industry Week in Review - January 7, 2013

In This Issue: *Financial Industry Developments - OCC Guidance on Transition Periods under Section 716 of the Dodd-Frank Act - CFTC Reporting of Swap Transactions and Swap Dealer Registration - Department...more

SEC Report on Assigned Credit Ratings

On December 18, 2012, the SEC released a Report to Congress on Assigned Credit Ratings, as required by Section 939F of the Dodd-Frank Act, to analyze the feasibility of establishing an assignment system for NRSROs to rate...more

SEC Releases Study On Credit Ratings

The SEC has released the study on credit ratings required by Section 939F of the Dodd-Frank Act. Section 939F provides that, after submission of the report to Congress containing the findings of the study, the SEC shall, by...more

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