On August 27, 2014, the US Securities and Exchange Commission adopted new rules for nationally recognized statistical rating organizations, or NRSROs, implementing rulemaking requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act, including new rule 15Ga-2 and new rule 17g-10. The new rules implement certain requirements of Section 15E(s)(4) of the Securities Exchange Act of 1934 relating to the disclosure of third-party due diligence services employed in connection with the issuance of rated asset-backed securities. Notably, the new rules require the disclosure of certain services that are typically performed by accountants pursuant to agreed-upon procedures and Rule 193 engagements. The new rules will take effect on June 15, 2015.
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