(Jun 30)  New guidance and legal clarifications may be needed to  better harmonize oversight of issuer prospectuses with regard to advertisements, risk factors and readability, according to the  European Securities and Markets Authority, to  better synch the disparate regulatory treatment of disclosure documents filed by companies going public in the European Union.  Disclosure requirements for the documents vary, as do approval times, in  more than two dozen countries across the continent. ESMA's findings are part of a larger project for the EU regulator addressing regulatory convergence among member states.

(Jun 27) Fitch Ratings is now including reviews of RMBS deal agents (DAs) as part of its U.S. RMBS Master Criteria. Fitch expects the participation of DAs in new RMBS to improve representation and warranty enforcement as well as heighten servicer accountability and effectiveness in mitigating losses on distressed loans. DA responsibilities may include the following:

Fitch's DA reviews result in a qualitative assessment of 'acceptable' or 'unacceptable'. While DA assessments are not ratings, they will contribute to the analysis of new issue RMBS transactions.