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Credit Rating Agency Disclosure Requirements: A Guide to Rule 17g-7 Compliance When Rating Asset-Backed Securities  

Author:  Evan J.  Cappelli.

Source: Volume 25, Number 06, July/August 2012 , pp.23-34(12)

Journal of Taxation and Regulation of Financial Institutions

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The Dodd-Frank Act mandated the adoption of a series of rules by the Securities and Exchange Commission to specifically address the role that credit rating agencies play in the process of an issuance of asset-backed securities (ABS). New Securities Exchange Act Rule 17g-7, for which enforcement began on September 26, 2011, mandates certain disclosures from credit rating agencies when they issue a credit rating for an ABS transaction. This article provides guidance to professionals tasked with assisting these organizations in providing the required disclosures for current transactions, and addresses issues involved in implementing procedures for future disclosures.

Keywords: Dodd-Frank Act; Securitization; Securities Exchange Act Rule 17g-7; required disclosures; NRSROs; credit rating agencies

Affiliations:  1: New York Law School.

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