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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Overseas Shipping Group ("Overseas") recently sued its former attorneys, a prominent New York-based law firm, for legal malpractice in drafting credit agreements that resulted in the company incurring an estimated $463 million in tax liability.
"...just to give you an idea of the actual impact of Lehman Brothers, we can consider the figures published by one of the Lehman's counterparties: Merrill Lynch, which in the third quarter of 2008 disclosed a US$2 billion pre-tax trading loss, which was mainly due to the unwinding of trades for which Lehman Brothers was a counterparty.
As anticipated, yesterday the CFPB announced the release of its report to Congress following the CFPB’s study of arbitration agreements in connection with offering or providing consumer financial products or services.
Benjamin Lawsky, the Superintendent of Financial Services for New York State, is seeking to increase regulatory pressures on the financial services industry, beyond the measures imposed by federal regulators.