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Reply #87: The repeal is NOT gone: 436(g) is still dead and buried for ratings agencies [View All]

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alcibiades_mystery Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-22-10 08:47 PM
Response to Reply #85
87. The repeal is NOT gone: 436(g) is still dead and buried for ratings agencies
Edited on Thu Jul-22-10 08:58 PM by alcibiades_mystery
The requirement to provide a rating for a registered issue is suspended for six months. The SEC compromise makes it possible for the ratings agencies to get their legal departments in order. The repeal can't be rescinded by SEC action. The SEC can write rules that enforce a law, and can rescind rules that they themselves write. They cannot write rules that directly contravene the law, as an internal agency rescission of the repeal of 436(g) would do. Furthermore, it is clear that the agency left it to Congress to work this into the legislation so that it would have precisely that power. They asked for comments on rescission last year, and then turned it over to the reform bill when they faced stiff opposition. Barring a repeal of the repeal by Congress, which has touted this particular feature of the legislation, it ain't going anywhere.
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