SEC Re-Proposes Shelf Eligibility Conditions for
Asset-Backed Securities and Solicits Additional Comment on
Proposed Asset-Level Information Requirements
In April 2010, the Securities and Exchange Commission
("SEC") proposed "Regulation AB II," a series of new
and amended rules that, if adopted, would substantially revise
the offering process, disclosure and reporting requirements
for publicly-issued asset-backed securities ("ABS") and
impose new disclosure standards for privately-issued
structured finance products.
At an open meeting on July 26, 2011, the SEC
re-proposed certain of its Regulation AB II rule proposals in
light of the provisions of the Dodd-Frank Wall Street Reform
and Consumer Protection Act and comments received on its
original rule proposals. Specifically, the SEC
re-proposed rules relating to the eligibility criteria for
shelf registrations of ABS and related filing deadlines for
transaction agreements, and solicited additional comment on
its proposal to require asset-level information about pool
assets. The deadline for comments on the re-proposed
rules is October 4, 2011.
Please click
here to access our complete update, which
includes a brief overview of relevant portions of the
original proposals, as well as an overview of the re-proposed
rules and request for additional
comment. |