United States:
SEC Codifies Exemption To Rating Agency Disclosure Obligations
09 August 2019
Cadwalader, Wickersham & Taft LLP
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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.
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