DBRS Avoids 'Expert' Status In SEC Filings

Law360, New York (July 21, 2010, 7:33 PM EDT) -- Rating agency DBRS does not want to be considered an “expert” in filing documents for asset-backed securities with the U.S. Securities and Exchange Commission in order to avoid being exposed to liability under the new finance reform law.

The Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into law by the president Wednesday, repeals a provision under the Securities Act of 1933 that had protected credit rating agencies from “expert” liability.

“DBRS is not willing to consent to the inclusion of its ratings...
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