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SEC Announces Rules for NRSRO-Registered Credit Rating Agencies

Affecting credit rating agencies registered with the Securities and Exchange Commission (“SEC”) as nationally recognized statistical rating organizations (“NRSROs”), the SEC has adopted new amendments that improve governance, defend against conflicts of interest, enhance credit ratings quality and provide increased accountability. The SEC-issued requirements also address: internal controls; reporting of credit rating performance data; procedures that protect rating methodologies; disclosures to encourage credit ratings transparency; and standards for the training, experience and proficiency of credit analysts. Also adopted by the SEC are requirements affecting issuers, underwriters, and third-party due diligence services. The requirements will support clear findings and conclusions of. Read More.

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SEC Adopts New Rules for Asset-Backed Securities

Announced via press release Wednesday, the Securities and Exchange Commission (“SEC”) has adopted revised rules for overseeing the disclosure, reporting, and offering process for asset-backed securities (ABS). The new rules address problems and significant losses ABS holders suffered from the 2008 financial crisis, as well as increase transparency, enhance investor protection and assist capital formation in the securitization market. Required by the new rules are loan-level reporting for certain assets, including residential and commercial mortgages, and car loans. Further, the rules give investors additional time to review a securitization offering, update the criteria for using an accelerated offering process and make key. Read More.

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