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ARTICLE · 15 DECEMBER 2011

Further Extension Of Exemption From Rule 17g-5(A)(3) For Certain Non-U.S. Transactions

Osler, Hoskin & Harcourt LLP
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On November 16, 2011, the Securities and Exchange Commission ("SEC") issued an order extending the temporary exemption for rating agencies from the requirements for Rule 17g-5 for certain non-U.S. transactions for a further one-year period, expiring December 2, 2012.

CanadaFinance and Banking
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
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On November 16, 2011, the Securities and Exchange Commission ("SEC") issued an order extending the temporary exemption for rating agencies from the requirements for Rule 17g-5 for certain non-U.S. transactions for a further one-year period, expiring December 2, 2012.

By way of background, Rule 17g-5 is a series of rules designed to deal with conflicts of interest affecting credit rating agencies. A rating agency being hired by the issuer or arranger to determine a credit rating for a structured finance product is such a conflict of interest. It is also the normal, if not universal, circumstance for any issuance of a rated structured finance product. Given that there will be a conflict of interest, Rule 17g-5(a)(3) requires that the retained rating agency must provide to other rating agencies access to an internet website containing all the information provided to the retained rating agency in issuing its rating. It was thought that making the information supporting a

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