Regulatory Alerts2023-06-20 | 2023-12591Added · Updated
Removal of References to Credit Ratings From Regulation M
The Securities and Exchange Commission adopted final rule amendments to implement section 939A(b) of the Dodd-Frank Act by removing references to credit ratings from Regulation M. The amendments replace existing investment grade exceptions for nonconvertible debt and preferred securities with new exceptions based on a specified probability of default threshold derived from structural credit risk models. Additionally, the rules substitute an exception for asset-backed securities offered via Form SF-3 shelf registrations and impose new recordkeeping requirements on broker-dealers regarding these probability of default determinations.
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