DOL Issues Amendment Changing Definition of "Rating Agency" for the Underwriters Exemptions | Practical Law
The Department of Labor (DOL) issued an amendment to prohibited transaction exemption 2007-5 that replaces the current definition of "rating agency" with a definition referencing generic rating agency requirements for purposes of the underwriter exemptions under the Employee Retirement Income Security Act of 1974 (ERISA) and Sectin 4975 of the Internal Revenue Code.