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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.