Arrangers of Structured Debt Products Turn to Firmex to Comply with New SEC Rules
Author: Joel Lessem
New SEC rules require arrangers of structured debt products to provide all Nationally Recognized Statistical Rating Organizations (NRSROs) access to relevant documentation via a secure website. Financial institutions have been turning to us to provide the Firmex turnkey private label virtual data room technology as an ideal solution to meet the SEC compliance deadline of June 2.
The new SEC rules amend SEC Rule 17g-5, which aims to provide greater transparency to the rating process. NRSROs will be required to review all relevant information prior to providing a paid rating and they will also be required to review and rate a certain amount of other products on an unpaid basis. The SEC believes that this scenario will foster greater objectivity and scrutiny in the rating process.
The Firmex Client Services team has been busy responding to requests from a number of institutions and existing clients. Aaron Booth, VP Sales at Firmex, says “The challenge that our clients and others are facing is choosing a solution that is safe, cost effective, and fully implemented prior to the existing June 2 deadline. We have the unique ability to immediately create a new branded website and our team of project managers will set up initial consulting and training within 24 hours. Our pricing model is simple and attractive, and it includes unlimited training and 24/7support. People like paying one fee for a turnkey solution that is fast and easy and a fraction of what it would cost to build and maintain internally.”
In the last three years, over 500 advisory firms have chosen Firmex for managing numerous confidential M&A and finance transactions. “We are one of the fastest growing virtual data room companies with demonstrated expertise in investment banking and financial advisory” says Joel Lessem, Firmex CEO. “We foresee more and more companies migrating documents online in a highly secure and structured manner to provide greater access and transparency for financial review processes.”
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Blog: blog.firmex.com
About Firmex
Intuitive, affordable, pervasive – thousands of companies choose Firmex Virtual Data Room (VDR) solutions to securely share their highly confidential documents. Leaders in corporate and financial transactions, M&A, compliance, litigation, and procurement value Firmex’s ease of use and outstanding support to profitably accelerate their online document sharing and collaboration projects. More information about Firmex can be found at www.firmex.com.