On November 21, 2016, the U.S. Commodity Futures Trading Commission (“CFTC“) announced that it had approved amendments to its regulations applicable to commodity pool operators and the financial reports they are required to provide on their pools’ operations. The amendments are meant to incorporate into CFTC regulations certain exemptive relief previously provided through no-action or exemptive letters. Release.
On November 23, 2016, Moody’s published its updated methodology for Special Assessment/Special Property Tax (Non-Ad Valorem) Debt. Release.
On November 17, 2016, Fitch published its updated criteria for Analysis of Commercial Real Estate Loans Securing Covered Bonds. Release.
On November 17, 2016, Fitch published its updated rating criteria for Commercial Mortgage-Backed Securities and Loans in EMEA. Release.
On November 2, 2016, DBRS published a report entitled Unified Interest Rate Model for European Securitisations. Report.
On November 1, 2016, DBRS published a report entitled Rating Portuguese Electricity Tariff Securitisations. Report.
On October 31, 2016, Fitch published its updated Insurance‑Linked Securities Methodology. Release.
On October 26, 2016, the Securities and Exchange Commission adopted rules designed to modernize intrastate and small offerings by companies while maintaining investor protections. Among the changes is the adoption of Securities Act Rule 147A, a new intrastate offering exemption that “further accommodates offers accessible to out-of-state residents and companies that are incorporated or organized out‑of‑state.” Press Release.
On October 26, 2016, Fitch published its updated Criteria for Interest Rate Stresses in Structured Finance Transactions and Covered Bonds. Press Release.
On October 26, 2016, Fitch published its updated Covered Bonds Rating Criteria. Press Release.
On October 25, 2016, DBRS published a report entitled Rating European Consumer and Commercial Asset‑Backed Securitizations. Report.
On October 25, 2016, DBRS published a report entitled Rating U.S. Credit Card Asset‑Backed Securities. Report.
On October 25, 2016, DBRS published a report entitled Rating European Sub‑Sovereign Governments. Report.
On October 24, 2016, Fitch published its updated Canadian Residential Mortgage Rating Criteria. Release.
On October 20, 2016, DBRS published a report entitled Rating Companies in the Regulated Electric, Natural Gas and Water Utilities Industry. Report.
On October 20, 2016, DBRS published a report entitled Rating Companies in the Gaming Industry. Report.
On October 20, 2016, DBRS published a report entitled Rating Companies in the Automotive Supplier Industry. Report.
On October 20, 2016, DBRS published a report entitled Rating Companies in the Automotive Manufacturing Industry. Report.
On September 27, 2016, Fitch issued a report entitled Criteria for Rating Non-Financial Corporates. Press release.
On September 26, 2016, Fitch issued a report entitled Criteria for Country Risk in Global Structured Finance and Covered Bonds. Press release.
On September 28, 2016 the Securities and Exchange Commission (“SEC”) voted to adopt new rules to establish “enhanced standards for the operation and governance of securities clearing agencies that are deemed systematically important or that are involved in complex transactions, such as security-based swaps.” In addition, the SEC has proposed to apply these new standards to additional categories of securities clearing agencies, including all SEC-registered central counterparties. The rules will become effective sixty days after their publication in the Federal Register. Press release.
On August 22, 2016, Fitch issued an amended report outlining its Criteria for Rating Granular Corporate Balance-Sheet Securitizations. Report.
On August 22, 2016, Fitch issued a report titled: Global Bond Fund Rating Criteria. Report.
On August 19, 2016, Fitch issued a report titled: Global Consumer ABS Rating Criteria. Report.
On August 18, 2016, Fitch revised its criteria for Analyzing Large Loans in U.S. Commercial Mortgage Transactions. Report.
On August 18, 2016, the Federal Housing Finance Agency (“FHFA”) announced an additional increase to the 2016 multifamily lending caps for both Fannie Mae and Freddie Mac. The caps for both Fannie Mae and Freddie Mac were raised from $35 billion to $36.5 billion, effective immediately. Press release.
On August 18, 2016, the European Commission Implementing Regulation (EU) 2016/1376 laying down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from June 30 until September 26, 2016 in accordance with the Solvency II Directive was published in the Official Journal of the EU following its adoption by the European Commission on 8 August. The Implementing Regulation entered into force on August 19, 2016 (the day after publication in the Official Journal) and applies from June 30, 2016.
The purpose of the Implementing Regulation is to ensure uniform conditions for the calculation of technical provisions and basic own funds by insurance and reinsurance undertakings for the purposes of the Solvency II Directive by laying down technical information on relevant risk-free interest rate term structures, fundamental spreads for the calculation of the matching adjustment and volatility adjustments for every reference date.
Under the Implementing Regulation, insurance and reinsurance undertakings shall use the technical information provided in the annexures to the Implementing Regulation when calculating technical provisions and basic own funds for reporting with reference dates from June 30 until September 29, 2016.
