The SEC adopted amendments that codify an existing exemption available to credit rating agencies concerning conflict of interest disclosure obligations and the ratings of structured finance products. The exemptions will be available only if (i) the issuer of the relevant security is not a U.S. person and (ii) the credit rating agency reasonably believes that all offers and sales of the instrument will occur outside the United States.
The final rule will become effective 30 days after publication in the Federal Register.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.