On August 27, 2014, the SEC adopted a number of new rules and
amendments designed to improve the quality of credit ratings and
increase credit rating agency accountability in accordance with the
Dodd-Frank Act.
The newly adopted rules impose new obligations on ABS issuers and
underwriters – applicable to both registered public offerings and
unregistered exempt offerings – requiring such issuers and
underwriters to publicly file any third-party due diligence reports
that they obtain and requiring third-party due diligence providers
to provide written certifications to each NRSRO that produces a
rating related to the due diligence services rendered.
Click
here for a summary of the rules and amendments. |