Regulatory Alerts2019-08-14 | 2019-17218Added
Amendments to Rules for Nationally Recognized Statistical Rating Organizations
The Securities and Exchange Commission adopted amendments to rules for nationally recognized statistical rating organizations to codify an exemption from Rule 17g-5(a)(3) for credit ratings of securities issued by non-U.S. persons offered and sold exclusively outside the United States. The Commission also made conforming changes to similar exemptions in Rule 17g-7(a) and Rule 15Ga-2 to ensure a consistent regulatory approach for offshore transactions. These final rules, effective September 13, 2019, replace a temporary conditional exemption with permanent statutory relief to address international comity concerns and reduce regulatory burdens on foreign markets.
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