On May 19, 2010, the SEC conditionally exempted, with respect to certain credit ratings and until December 2, 2010, nationally recognized statistical rating organizations ("NRSROs") from certain requirements in Exchange Act Rule 17g-5(a)(3), which had a compliance date of June 2, 2010. Pursuant to the Order, an NRSRO is not required to comply with Rule 17g-5(a)(3) until December 2, 2010 with respect to credit ratings where: (1) the issuer of the structured finance product is a non-U.S. person; and(2) the NRSRO has a reasonable basis to conclude that the structured finance product will be

Click on the links below to learn more about each of the upcoming Sunshine Act Meetings. Only the November 29th meeting is an open meeting. 11/29/2012 - Sunshine Act Meeting // PDF VersionOpen Commission Meeting November 29, 2012; Matters to be Considered: The Commission has scheduled this meeting to consider various rulemaking matters, including the issuance of proposed rules and the approval of final rules. 12/7/2012 - Sunshine Act Meeting // PDF VersionClosed Commission Meeting December 7, 2012; Matters to be Considered: Surveillance and Enforcement Matters. 12/14/2012 - Sunshine Act

SIFMA provided comments to the U.S. Department of Treasury and the Internal Revenue Service (IRS) requesting a one-year extension beyond the original January 1, 2013 implementation date for obligations grandfathered under the Foreign Account Tax Compliance Act (FATCA), IRS Announcement 2012-42 (Announcement). SIFMA asserts that it is critical that the extensions of FATCA deadlines in the Announcement be supplemented by extending the grandfather obligation definition to cover obligations entered into prior to January 1, 2014 or outstanding on that date. The letter also requests a number of

The SEC is adopting a new rule, Investment Company Act Rule 6a-5, to establish a standard of creditworthiness in place of a statutory reference to credit ratings that the Dodd-Frank Act removes. The rule will apply to entities registered as business and industrial development companies. Effective Date: December 24, 2012. View release here: 77 FR 70117.

The UK Chancellor of the Exchequer announced today that Mark Carney, current governor of the Bank of Canada and Chairman of the Financial Stability Board, will succeed Sir Mervyn King as governor of the Bank of England on July 1, 2013. Carney will serve a fixed term of eight years and will hold new regulatory powers over banks as part of the transfer of responsibilities for U.K. financial services regulation set to become effective in January 2013.