The SEC issued a 517-page release proposing (i)
amendments to existing rules and (ii) new rules, that would apply
to credit rating agencies registered with the SEC as nationally
recognized statistical rating organizations ("NRSROs").
The release also proposes (a) a new rule and form that would apply
to providers of third-party due diligence services for asset-backed
securities ("ABS") and (b) amendments to existing rules
and a new rule that would require issuers and underwriters of ABS
to make publicly available the findings and conclusions of any
third-party due diligence report they obtain. Portions of the
proposed changes are designed to comply with SEC rulemaking
mandates in the Dodd-Frank Act, while others expand on
self-executing provisions of the Dodd-Frank Act. Comments on the
release are due no later than 60 days after its publication in the
Goodwin Procter LLP is one of the nation's leading law
firms, with a team of 700 attorneys and offices in Boston, Los
Angeles, New York, San Diego, San Francisco and Washington, D.C.
The firm combines in-depth legal knowledge with practical business
experience to deliver innovative solutions to complex legal
problems. We provide litigation, corporate law and real estate
services to clients ranging from start-up companies to Fortune 500
multinationals, with a focus on matters involving private equity,
technology companies, real estate capital markets, financial
services, intellectual property and products liability.
In recent months Bitcoin has become a hot topic in the financial, regulatory and legal community and has received widespread attention from newspapers such as The Wall Street Journal and The New York Times. Katten Muchin Rosenman LLP has been actively working on Bitcoin-related matters for the past year and has become a legal thought-leader in the area.
On November 14, the Division of Swap Dealer and Intermediary Oversight of the Commodity Futures Trading Commission created confusion and consternation in the derivatives world by issuing an advisory indicating that certain requirements will apply to swaps entered into between a registered non-U.S. swap dealer and a non-U.S. person if the swap is handled by personnel or agents of the non-U.S. swap dealer located in the United States.
Introduced in 2003 by amendment to the Fair Credit Reporting Act of 1970 (FCRA), the identity theft red flags rule (Red Flags Rule) required the Federal Trade Commission (FTC) to issue rules that require certain regulated entities to implement programs designed to detect against, prevent and mitigate identity theft.