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SEC Staff Issues Guidance on Use of Credit Ratings in Securities Offerings
Practices
People
July 26, 2010
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.