Today, the SEC released a final rule amending Regulation FD “to remove the specific exemption … for disclosures made to nationally recognized statistical rating organizations and credit rating agencies for the purpose of determining or monitoring credit ratings.” The amendment implements Section 939B of the Dodd-Frank Act, which required the SEC to remove this exemption within 90 days of the date of enactment. Following the effective date of the amendment, the existing Rule 100(b)(2)(iii) of Regulation FD will be removed and Rule 100(b)(2)(iv) will be re-designated as Rule 100(b)(2)(iii).

Also today, the SEC published guidance to clarify the application of certain existing SEC rules and guidance as they relate to provisions of the Dodd-Frank Act regarding audit reports included in broker and dealer filings. According to the release, the SEC is “considering a rulemaking project and related attestation requirements under the federal securities laws for brokers and dealers, particularly in light of the Dodd-Frank Act.” The release also provided specific “transitional guidance with respect to its existing rules regarding non-issuer brokers and dealers.”