SFIG and Australian Securitisation Forum Submit to the SEC Request for Permanent Extraterritorial Ex

The U.S. Securities and Exchange Commission's (SEC) Rule 17g-5, implemented in 2010, imposes certain disclosure and conflict of interest requirements on nationally recognized statistical rating organizations (NRSROs) and, by extension, additional disclosure requirements on issuers, sponsors, and underwriters of structured finance products. In particular, the rule requires an NRSRO that is hired by an arranger to determine an initial credit rating for a structured finance product to take certain steps designed to allow an NRSRO that is not hired by the arranger to nonetheless determine an initial credit rating – and subsequently monitor that credit rating – for the structured finance product.

The SEC has issued temporary extraterritorial exemptions for NRSROs from requirements of Rule 17g-5 in the past, with the last one set to expire on December 2, 2017.

In conjunction with the Australian Securitisation Forum, SFIG submitted a joint letter requesting that this temporary exemption be made permanent.

If you have any questions, please contact Alyssa.Acevedo@sfindustry.org.

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