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SEC RIN: 3235-AL14 Publication ID: Spring 2022 
Title: Removal of References to Credit Ratings From Regulation M 
Abstract:

Section 939A of the Dodd Frank Act requires the Commission to remove certain references to credit ratings from its regulations and to substitute such standards of creditworthiness as the Commission determines to be appropriate. The Division is considering recommending that the Commission adopt proposed amendments to eliminate the exceptions for investment grade non-convertible debt, non-convertible preferred, and asset-backed securities (as rated by at least one Nationally Recognized Statistical Rating Organization) from Rules 101 and 102 of Regulation M and replace the exception in Rule 101 with alternative standards -- one based on distance to default using a Structural Credit Risk Model for non-convertible debt and non-convertible preferred debt, and one based on SF-3 shelf registration for asset-backed securities.

 
Agency: Securities and Exchange Commission(SEC)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: Not Yet Determined     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: Pub. L. 111-203, sec. 939A   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  05/06/2011  76 FR 26550   
NPRM Comment Period End  07/05/2011    
Final Action  01/08/2014  79 FR 1522   
Final Action Effective  07/07/2014 
NPRM  03/30/2022  87 FR 18312   
NPRM Comment Period End  05/23/2022 
Final Action  04/00/2023 
Regulatory Flexibility Analysis Required: Yes  Government Levels Affected: None 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: No 
RIN Information URL: www.sec.gov/rules/final/2013/34-71194.pdf  
RIN Data Printed in the FR: Yes 
Related RINs: Related to 3235-AK17, Previously reported as 3235-AL08 
Agency Contact:
John Guidroz
Division of Trading and Markets
Securities and Exchange Commission
100 F Street NE,
Washington, DC 20549
Phone:202 551-6439
Email: guidrozj@sec.gov