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SEC Proposes New Rules for Disclosure by Issuers of Credit Ratings and Liability of Rating Agencies as "Experts" by Jerry J. Burgdoerfer
Jenner & Block LLP - Chicago Office
William L. Tolbert
Jenner & Block LLP - Washington Office
Elaine Wolff
Jenner & Block LLP - Washington Office
Erik Robert Daly
Jenner & Block LLP - Chicago Office
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October 21, 2009
Previously published on October 12, 2009
Even when securities are highly rated, investors can suffer significant losses. Citing losses of 70% in the value of AAA-rated mortgage backed securities from January 2007 to January 2008, the Securities and Exchange Commission (the "SEC") on October 7, 2009, published proposed amendments to its disclosure rules aimed at better investor understanding of credit ratings and their limitations. The SEC is seeking to balance the reality that credit ratings are important to investors with the concern that investors place undue reliance on credit ratings by requiring disclosure of information about what a credit rating is and what it is not.
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