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Rule 17 g 5

Rule 17 g 5

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The Securities and Exchange Commission (SEC) approved amendments that codify an existing exemption for credit rating agencies that are registered as nationally recognized statistical rating organizations with the SEC (NRSROs). The amendments exclude NRSROs from a credit rating rule if the issuer of the security or money market instrument in question is not a U.S. person and the NRSRO has a reasonable basis to believe that all offers and sales of such security or money market instrument by any issuer, sponsor, or underwriter linked to such security or money market instrument by any issuer, sponsor, or underwriter linked to such security or money market instrument by any issuer, sponsor, or underwriter linked to such security or On September 13, 2019, the final rule will take effect.
The Securities Exchange Act’s Rule 17g-5(a)(3) requires NRSROs who were not employed by the structured finance product’s issuer, sponsor, or underwriter to access details required to assess the credit rating of the structured finance product. The SEC granted a temporary conditional exception to Rule 17g5(a)(3) for some structured finance products released by non-U.S. persons and provided and sold outside the United States prior to the rule’s implementation date. This exemption was later extended by the SEC. The SEC’s amendments codify the current exception to Rule 17g-5(a)(3) and explain the conditions of the exemption. The addition of a new clause to Rule 17g-5(a)(3) clarifies that the rule does not apply to an NRSRO when issuing or retaining a credit rating for a security or money market instrument issued by an asset pool or as part of any asset-backed securities transaction if:

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(a) A conflict of interest relating to the issuance or preservation of a credit rating listed in subsection (b) of this section is prohibited unless: (1) the nationally recognized statistical rating agency has disclosed the type of conflict of interest in Exhibit 6 to Shape NRSRO in compliance with section

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Recent changes to the Securities and Exchange Commission’s (“SEC”) rules governing Nationally Recognized Statistical Rating Organizations (“NRSROs”) would require anyone requesting a rating of structured products or asset-backed securities to create and maintain a password-protected website containing all information submitted to the NRSRO in connection with the rating. This information includes any information previously provided orally to an NRSRO or its counsel, as well as conversations and agreements with the NRSRO or its counsel about relevant transaction documents. The amended rules are due to be implemented on June 2, 2010.
The SEC released a release (the “Release”)1 in November 2009 amending its rules regarding NRSROs. Amendments to the conflicts of interest laws that NRSROs must obey under Rule 17g-5 of the Stock Exchange Act of 1934 (the “Exchange Act”)2 are among the amendments made by the Publication. The amendments to Rule 17g-5 permit one of the issuers, sponsors, or underwriters (each, a “Arranger”) of securities or money market instruments issued by an asset pool or as part of any asset-backed or mortgage-backed securities transaction where such Arranger paid an NRSRO to issue and/or retain credit ratings on such securities or instruments to hold a passbook. The public would not be able to access the websites.

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At the moment, the world’s attention is centered on controlling the coronavirus and developing a vaccine and cure for it, as well as averting a global recession. Although the conditions surrounding the previous decade’s recession were different from those today, the pandemic’s economic implications will likely influence many regulatory decisions and guidelines in the future. As many anticipate widespread debt/credit/loan defaults as a result of this crisis, this may involve revisiting – perhaps even overhauling – SEC Rule 17g-5.
The Securities and Exchange Commission (SEC) introduced rules to resolve conflicts of interest resulting from “pay-to-play” circumstances between banks/issuers and rating agencies as part of sweeping regulatory reform following the 2008 financial crisis.
A scene in The Big Short (possibly one of the most informative and horrifying films of the last decade) dramatizes this scenario: an hour and 12 minutes into the film, the protagonist fund managers question the rating agency representative, wondering why they aren’t downgrading subprime bonds because the underlying mortgages are obviously deteriorating. “They would go to our rivals if we don’t deal with them.” “They’re offering ratings for fees,” the fund managers remember in shock.