• Recent Changes to SEC Rating Agency Reform Impose Burdensome Requirements on Structured Products Participants
  • March 16, 2010
  • Law Firm: Cadwalader, Wickersham & Taft LLP - New York Office
  • Recent amendments to rules of the Securities and Exchange Commission (“SEC”) relating to Nationally Recognized Statistical Rating Organizations (“NRSROs”) will require persons seeking a rating of structured products and asset backed securities to establish and maintain a passwordprotected website containing all information provided to a NRSRO in connection with the rating. This information includes information that may have been previously supplied orally to an NRSRO or its counsel, and would include discussions and negotiations with the NRSRO or its counsel relating to applicable transaction documents. The compliance date for the revised rules is June 2, 2010.