SEC Adopts Large Trader Reporting Rule, Short-Form Criteria; Reproposes ABS Rules

The Securities and Exchange Commission July 26 unanimously agreed to establish a reporting regime that will allow the agency better to monitor and track the market activity of large traders…

SEC, CFTC Propose Definitions of Swaps Terms, Removal of Credit Ratings in Broker Rules

The Securities and Exchange Commission unanimously voted jointly to propose with the Commodity Futures Trading Commission a series of rules and interpretive guidance to define the terms “swaps,” “security-based swaps,” and “security-based swap agreements.”…

SEC Issues Rule Proposal on Use of Warranties, Representations in Asset-Backed Securities

The Securities and Exchange Commission, pursuant to recent financial reform legislation, Oct. 4 issued proposed…

Chinese Credit-Rating Agency First to Be Denied in Bid to Be Registered as Nationally Recognized Statistical Rating Agency

In a first-of-its kind action, the Securities and Exchange Commission recently denied the application of…

SEC Lets Moody’s Off, but Warns Credit-Rating Agencies It Will Use New Authority under Reform Act

The Securities and Exchange Commission Aug. 31 said it has decided not to pursue an enforcement action against Moody’s Investors Service Inc. (MCO) involving conduct occurring in Europe because of “uncertainty” over…

BNA INSIGHTS: Dodd-Frank Wall Street Reform and Consumer Protection Act: An Examination of the Credit Rating Agency Provisions

On July 21, 2010, President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”). The law covers a wide variety of topics in…

Sweeping Senate-Passed Reform Bill Would Boost Oversight of Hedge Funds, Credit Rating Agencies

After nearly three weeks of debate on the floor, the Senate May 20 passed, by a vote of 59 to 39, an historic bill that would achieve the most expansive overhaul of securities regulation since…

Senate Adopts Amendments to Financial Reform Measure Promising Substantial Changes to Credit Ratings Process

The Senate May 13 approved two amendments to pending financial regulatory reform legislation—one from Democrat Al Franken (Minn.) and another from George LeMieux (R-Fla.)—that would substantially alter the way issuers obtain credit ratings.

Former Executives Say Credit Rating Agencies Pursued Market Share Ahead of Accuracy

Former executives at the country’s two largest credit rating agencies—Standard & Poor’s and Moody’s Investors Service—April 23 told the Senate Permanent Subcommittee on Investigations that the desire for market share, rather than…