Publications

July 26, 2010

SEC Staff Issues Guidance on Use of Credit Ratings in Securities Offerings

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On July 22, 2010, the SEC staff issued guidance on the use of credit rating information in securities offerings following the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Dodd-Frank Act nullified SEC Rule 436(g) which had exempted credit rating agencies from being treated as "experts" for purposes of liability under the securities laws.