August 28, 2012
On August 28, 2012, the ASF and the Australian Securitisation Forum (“AuSF”) submitted a refreshed joint request to the Securities and Exchange Commission (“SEC”) for a permanent extraterritoriality exemption from the requirements of Rule 17-g5 under the Exchange Act with respect to nationally recognized statistical rating organizations (“NRSROs”). ASF and AuSF submitted a similar request last summer, and on November 17, 2011 the SEC granted an additional temporary exemption from the extraterritorial application of SEC Rule 17g-5, which had been set to expire on December 2, 2011, but was extended an additional year until December 2, 2012. Given the precedents of the last two years, we are not expecting a formal response to our request from the SEC until potentially as late as November, 2012.
ASF & AuSF Request to SEC: Permanent Extraterritoriality Exemption from Rule 17g-5 - August 28, 2012
SEC Order: Extension for Temporary Conditional Exemption from Rule 17g-5 - November 17, 2011