Recently the Securities and Exchange Commission (SEC) granted a temporary exemption from Rule 17g-5(a)(3) for credit ratings provided to most ABS, MBS and other structured finance securities of non-U.S. issuers. This reprieve expires on Dec. 2 and extends from June 2, which is the rule's effective date for domestic firms.

The SEC's stated purpose for this move was to avoid market disruption by giving foreign structured finance participants time to take the necessary steps to comply with the rule.

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