Sweeping Changes to the Credit Rating Provisions of the Investment Company Act
Overview:
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.
Agenda:
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,
ReedSmith LLP
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:
- CPAs
- Finance Executives
- Structured Finance Attorneys
- NRSRO Executives & Officers
- Corporate Lending Officers
- Finance Consultants
- Directors
- Investors
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 …
Jesse Kanach is a counsel in the firm’s Asset Management Group. He regularly represents a wide range of financial institutions, …
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
Prerequisite:
NONE
Course Code:
114122
Total Credits:
2.0 CLE
Login Instructions:
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SPEAKERS' FIRMS:
About Grant Thornton LLP
About ReedSmith LLP
Website: https://www.reedsmith.com/
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