On August 27, 2014 the Securities and Exchange Commission (the “SEC”) approved final rules relating to asset-backed securities (“ABS”) disclosure and registration (the “Final Rules”). The Final Rules are contained in a final...more
I am congenitally pessimistic and some have, shockingly, called me cynical. Early last week, while we waited for Reg AB, I would have bet more than a dollar that there would have been a number of things in this final Rule...more
The SEC adopted new rules and rule amendments (collectively, the “Final Rules”) that impose a range of additional requirements on credit rating agencies registered as nationally recognized statistical rating organizations...more
The U.S. Securities Exchange Commission (the “SEC”) released new Regulation AB II Rules (the “Reg AB Rules”) and regulations relating to credit rating agencies (“the NRSRO Rules”) on August 27, 2014. The Reg AB Rules1 revise...more
On August 27, the SEC adopted revisions to rules governing the disclosure, reporting and offering process for asset-backed securities (ABS) and adopted new requirements for credit rating agencies registered with the SEC to...more
On August 21, Moody’s released its global methodology for monitoring and rating property and casualty insurers. On August 21, Moody’s released its global methodology for monitoring and rating life insurers. ...more
Financial Stability Board Publishes Responses to Consultation on Proposed Reforms of the Forex Market -
On August 20, the Financial Stability Board (FSB) published responses to its consultation in respect of proposed...more
The summer may feel like a more leisurely time of year, but not in securities litigation news. Here are some of the more significant headlines...more
FHFA Seeks Input on Single Security Structure for Fannie Mae and Freddie Mac -
On August 12, FHFA published a Request for Input on the proposed structure for a Single Security that would be issued and guaranteed by...more
On August 8, Fitch updated its global master criteria for rating covered bonds....more
On July 31, Moody’s released its rating methodology for global manufacturing companies. On July 25, Fitch released its global rating criteria for Corporate CDOs. On July 25, DBRS issued its methodology for rating companies in...more
Bank of England Publishes Statement on Enforcement Action Against Lloyds Bank PLC and Bank of Scotland PLC -
On July 28, the Bank of England published a statement on Financial Conduct Authority enforcement action...more
On July 24, S&P issued a request for comment on changes to methodology and assumptions for assessing Japanese RMBS.
On July 24, Fitch issued Asia-Pacific Consumer ABS ratings criteria.
On July 24, Fitch issued...more
Amendments to Offshore Fund Rules to Reflect Finance Act 2014 AIFM Partnership Tax Changes -
Regulations amending the Offshore Funds Regulations 2009 (the 2009 Regulations) to reflect the Finance Act 2014 changes to...more
New York's Highest Court Will Review First Department Decision on RMBS Putback Statute of Limitations -
On June 27, the Court of Appeals for the State of New York agreed to review the First Department's December 2013...more
On June 26, Moody’s released its methodology for monitoring and rating collateralized debt obligations backed by trust preferred securities (TruPS CDOs).
The Risk Retention Rule Is Coming! The sky may not be falling, but The Risk Retention Rule is Coming at last! Very soon, we hear. ...more
FMLC Publishes Response on Bail-in Powers -
In response to a consultation by HM Treasury, the UK's Financial Markets Law Committee (FMLC) published a letter on June 4 relating to the bail-in powers introduced by the...more
On May 29, Fitch released its criteria for rating U.S. nonprofit institutions.
On May 28, Fitch released its criteria for rating caps and limitations on global structured finance transactions....more
On May 22, Fitch released its rating criteria for commercial real estate (CRE) loans securing covered bonds, which replaces its criteria published in October 2013.
On May 22, Kroll released its methodology for rating...more
Moody’s published a piece the other week that analogized credit quality in the CRE capital markets to the boiling frog – that if you put a frog in cold water and slowly raise the temperature, it never jumps out until it,...more
In 2009, the California Public Employees’ Retirement System filed a lawsuit alleging negligent misrepresentation and negligent interference with prospective economic advantage against Moody’s Investors Services, Inc., Moody’s...more
On April 28, Moody’s released a request for comment on proposed changes to its global credit card ABS rating approach. Comments must be submitted by June 9.
On April 22, Moody’s released its methodology for rating...more
UK Government Backs "Transparency & Trust" Paper Recommendations -
The UK government has published a response paper largely in agreement with the controversial "Transparency & Trust" discussion paper published by its...more
European Banking Authority Publishes Opinion on European Commission's Proposed Amendments to ITS -
On April 16, the European Banking Authority (EBA) published via its website an opinion dated April 4, 2014 on...more
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