Sweeping Changes to the Credit Rating Provisions of the Investment Company Act
In the first quarter of 2011, the SEC has proposed to remove references to credit ratings from nationally recognized statistical rating agencies (NRSROs).The proposal calls for the amendments of certain rules and forms under the Investment Company Act. This proposal, if approved, will no doubt change the approach of the financial industry with regard to securities, credit quality standards and other issues related to credit ratings.
The proposal to revise the guidelines governing credit ratings and investments will make structured finance especially challenging. In this live webcast, a panel of thought leaders and key regulators organized by The Knowledge Group will provide an overview to help you understand the most critical elements of the proposal and its potential effects on companies’ investment practices.
Steven Goldberg, Principal, Financial Services Advisory Practice Leader,
Grant Thornton LLP
- Background – brief overview and perspective on credit rating industry and Dodd Frank provisions
- Key Dodd Frank provisions and potential impact
- Conflict of interest and disclosures
- New liabilities for rating industry
- New internal control framework for rating agencies and investors
Stephen Keen, Counsel,
Changes to the Credit Rating Provisions of Rule 2a-7
- The Knowledge Congress: Issue-Driven Webinars
- Dodd-Frank Section 939A: A Pox on All NRSROs
- Rule 2a-7 References to Credit Ratings
- Proposed Definitions of First & Second Tier Compared with Rating Standards
- Other Proposed Changes to Rule 2a-7
- Responses From Commenters
- What’s Next?
Jesse P. Kanach, Counsel,
Shearman & Sterling LLP
Other Changes for Registered Funds
Asset-Backed Securities Issuers
- The new shareholder report requirements for registered funds
- Mutual fund considerations involving repurchase agreement counterparties
- What does this mean for fund boards?
- Rule 3a-7 past and future
Who Should Attend:
- Finance Executives
- Structured Finance Attorneys
- NRSRO Executives & Officers
- Corporate Lending Officers
- Finance Consultants
Steven Goldberg is a Principal at Grant Thornton LLP, and leads the national Financial Services Business Advisory Practice. Steve has also served as Principal in the Banking and Securities Practice at Deloitte & Touche, and has held executive positions as Drexel Burnham and Morgan Stanley. He has provided advisory services to many of the leading global financial institutions as well as to mid-sized and development stage organizations. He has led engagements across systems, operations, finance and human resources, as well as providing enterprise risk management, internal audit and regulatory compliance services. Most recently, Steve has been working with several financial institutions in preparing for regulatory changes related to the Dodd Frank financial reform law and other current regulatory and market structure issues.
Steve has over 25 years of experience in the industry as an executive and management consultant. He has spoken at many industry conferences and events, and has published in periodicals on many topics of relevance to the Financial Services Industry. He holds a Bachelor of Arts degree from City University of NY and resides in New York, NY and Southeast, NY.
Steven Goldberg is a Principal at Grant Thornton LLP, and leads the national Financial Services Business Advisory Practice. Steve has …
Stephen Keen is Counsel to Reed Smith LLP and a member of its Financial Industry Group, practicing in the area of Investment Management. Prior to joining Reed Smith in 2005, he was General Counsel of Federated Investors, Inc. A nationally known Investment Company Act lawyer with over twenty years of experience, Steve has written extensively on the regulation of money market funds and other securities related topics. Steve is also a frequent panellist at industry conferences. Steve was named one of the Best Lawyers in America for Mutual Funds in 2010. He graduated from the University of Chicago Law School with honours in 1984.
Stephen Keen is Counsel to Reed Smith LLP and a member of its Financial Industry Group, practicing in the area …
Jesse Kanach is a counsel in the firm’s Asset Management Group. He regularly represents a wide range of financial institutions, including registered and private funds and investment advisers, on a variety of regulatory, corporate and transactional matters. His practice ranges from the formation and offering of hedge funds and registered open- and closed-end investment companies, to the representation of independent directors and trustees, to acquisitions of investment advisory firms.
Mr. Kanach represents institutional investors on their investments, including in private equity, hedge, energy and real estate funds, and in negotiating separate account agreements. He advises on various fund structures including onshore and offshore funds, master-feeders, special purpose vehicles and funds of funds. He counsels investment managers on compliance reviews and internal investigations. He frequently advises companies on exceptions from U.S. Investment Company Act registration. Based in Washington, D.C., his focus has included tracking developments in the changing legislative and regulatory framework applicable to the asset management industry.
Mr. Kanach’s articles and media quotations have appeared in BNA Privacy Law Report, BNA Securities Regulation and Law Report, Board IQ, and Private Equity International, among others. He contributed a chapter to The US Private Equity Fund Compliance Guide (PEI 2010).
Jesse Kanach is a counsel in the firm’s Asset Management Group. He regularly represents a wide range of financial institutions, …
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About Grant Thornton LLP
About ReedSmith LLP
About Shearman & Sterling LLP
Shearman & Sterling LLP represents many of the world’s leading corporations, financial institutions, emerging growth companies, as well as states and state-owned enterprises. These clients choose Shearman & Sterling for its distinctive ability to leverage the knowledge and judgment of one of the world’s largest and most accomplished cross-border legal teams – a team ideally situated to help clients on their complex business transactions. Nearly one half of the firm’s attorneys practice outside the United States, and its lawyers are fluent in more than 50 languages. The firm’s lawyers practise US, English, French, German, Italian and Hong Kong law. Founded in 1873, Shearman & Sterling is organized as a single, integrated partnership with approximately 900 attorneys in 20 offices located throughout the Americas, Asia, Europe and the Middle East.
Website: Shearman & Sterling LLP