The SEC issued a 517-page release proposing (i) amendments to existing rules and (ii) new rules, that would apply to credit rating agencies registered with the SEC as nationally recognized statistical rating organizations ("NRSROs"). The release also proposes (a) a new rule and form that would apply to providers of third-party due diligence services for asset-backed securities ("ABS") and (b) amendments to existing rules and a new rule that would require issuers and underwriters of ABS to make publicly available the findings and conclusions of any third-party due diligence report they obtain. Portions of the proposed changes are designed to comply with SEC rulemaking mandates in the Dodd-Frank Act, while others expand on self-executing provisions of the Dodd-Frank Act. Comments on the release are due no later than 60 days after its publication in the Federal Register.
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