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
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With corporate data security breaches on the rise, the NYDFS has adopted rules requiring financial institutions to take certain measures to safeguard their data and inform state regulators about cybersecurity incidents.
The United States District Court for the Southern District of Florida granted preliminary approval of a nearly $31 million FACTA class action settlement against Doctor's Associates, Inc., doing business as...
The New York State Department of Financial Services recently promulgated cyber regulations for financial institutions that are likely to increase the risks to directors & officers, resulting in an increase in claims.
One of the regulatory pillars of the EMIR is the requirement for parties to collateralize the marked-to-market exposure in over-the-counter derivatives transactions that are not cleared by a central clearing system.
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