News & Analysis as of

Credit Ratings

EU Authority Acts on New Third-Country Endorsement and Equivalence Regime for Credit Ratings

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published updated Guidelines on the application of the endorsement regime and Technical Advice on the equivalence of certain third-country legal and supervisory frameworks...more

Orrick's Financial Industry Week In Review

SEC Announces the Formation and First Members of Fixed Income Market Structure Advisory Committee - On November 9, 2017, the Securities and Exchange Commission ("SEC") announced the formation and first members of its Fixed...more

Orrick's Financial Industry Week In Review

European Commission Inception Impact Assessment on Legislative Proposal for EU Framework on Crowdfunding - On October 30, 2017, the European Commission published an inception impact assessment for a legislative proposal...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Uber’s got more than a spot of bother on its hands in London after this morning’s announcement that the company’s largest market in Europe won’t renew the ride-hailing service’s license to operate in the city (citing “a lack...more

Africa Focus: Anticipated trends in project finance - The implications after South Africa's debt rating downgrade

by White & Case LLP on

While credit ratings are designed to assess the creditworthiness of country or corporation to inform the decisions of investors in these entities, the considerations of credit rating agencies may not always be fully aligned...more

Projects and Energy Weekly Snippets

by Hogan Lovells on

Weekly projects and energy updates in South Africa - Moody’s downgrades Eskom - Moody’s lowered Eskom’s credit rating to the second rung of junk status on Tuesday night....more

New Report Finds Debt Collection Activities Increases Access to Credit, Particularly for Consumers with Poor Credit

by Ballard Spahr LLP on

In recent remarks, CFPB Director Richard Cordray noted, albeit passingly, the significant role debt collection activities play in the healthy maintenance of consumer credit markets. “Responsible debt collectors that do their...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission filed one settled administrative proceeding this week involving an investment adviser. The Order charged cherry picking, making misrepresentations to clients regarding certain fees and a failure to trade a fund...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A Dutch court has backed the local Akzo Nobel in a bid by Elliot Mgmt to remove Akzo’s chairman after ignoring multiple overtures from PPG for the pain and chemicals giant. Elliot had hoped to force a special shareholder...more

South Africa’s Junk Status Downgrade

On 3 April, 2017, S&P Global led the way in downgrading South Africa’s Sovereign Credit Rating to non-investment-grade ‘Junk’ status. This following President Zuma’s purging of his Cabinet on 31 March, 2017, in which a total...more

Education Newsletter Volume 1, Number 1: Arizona Senator Introduces Bill to Expand the Rights of Student Speech

by Dickinson Wright on

This session, Arizona Senate Majority Leader Kimberly Yee (R-Phoenix) introduced Senate Bill 1384 to expand the rights of student journalists. If passed would grant both high school and college level student journalists the...more

CHECKMATE: South Africa's credit rating downgraded to "junk status"- what this means for South Africa

by Hogan Lovells on

In a catastrophic moment for South Africa, credit rating agency Standard and Poor (S&P) downgraded South Africa's credit rating to "junk status". S&P cut South Africa's credit rating by one notch to BB+, which is S&P'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

Colombia criminalizes Tax Evasion

by Foodman CPAs & Advisors on

On 12/29/2016, Colombia’s Congress approved “Law 1819 of 2016”. The new legislation is a structural tax reform primarily aimed at increasing revenues for Colombia. Colombia suffered a loss of revenues when crude oil...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Former AIG chief Hank Greenberg and his co-defendant, AIG’s former CFO, reached an “unexpected” settlement last week with NY officials. The duo will fork over about $10 million in bonuses payments and admit that they...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Federal Reserve Board Announces Finalized Rule Adjusting the Board's Maximum Civil Money Penalties - On January 18, 2017, the Federal Reserve Board announced that it was adjusting...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

European Supervisory Authorities Publish Good Practices to Reduce Mechanistic Reliance on Credit Ratings

by Shearman & Sterling LLP on

The Joint Committee of the European Supervisory Authorities published a final Report containing Good Supervisory Practices for reducing sole and mechanistic reliance on credit ratings. The ESAs consist of the European Banking...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Loyal Starwood pointers have been waiting anxiously to hear what the hotel brand’s merger with Marriott will mean for their coveted reward system. They’ll have to wait a bit longer, but here are a lot of answers to other...more

Financial Regulatory Developments Focus - November 2016

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

CFPB to Compile List of Companies Providing Free Credit Scores

by Ballard Spahr LLP on

On October 5th, the CFPB published a notice announcing the CFPB Office of Financial Education’s intent to compile a list of companies offering existing customers free access to their credit score.  The CFPB’s stated intent in...more

FTC Consent Order Creates Uncertainty for Advertising of Credit, Lease Offers

by Ballard Spahr LLP on

A recent Federal Trade Commission (FTC) consent order with two Ohio auto dealers creates uncertainty not only for auto dealers, but also for all other businesses advertising credit or lease offers. The order settled...more

The UK has voted to leave the EU: What now?

by Latham & Watkins LLP on

The British public have voted that the UK should leave the EU. The EU Referendum vote (the Leave Vote) does not by itself result in an automatic UK exit from the EU. The EU Treaty provides for a framework for a...more

Congress Considers Changes to FCRA to Expand Consumer Credit Files and Limit Use of Credit Reports for Employment Decisions

by Carlton Fields on

The Fair Credit Reporting Act (FCRA) regulates consumer reporting agencies (CRAs) and the use of consumer reports. The FCRA’s stated purpose includes requiring CRAs to adopt reasonable procedures for meeting the needs of...more

OFR Analyzes Changes in Regulatory Use of Credit Ratings Since Dodd-Frank

Treasury’s Office of Financial Research has released a brief entitled “Credit Ratings in Financial Regulation: What’s Changed Since the Dodd-Frank Act?” The introductory statement notes “The use of credit ratings in financial...more

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