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Structured Finance Update

August 12, 2011

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Contacts

Michael H. Mitchell

Partner
Washington, DC
[email protected]
(202) 339-8479

Robert B. Moyle
Managing Associate
New York, NY
[email protected]
(212) 506-5189

 

SEC Re-Proposes Shelf Eligibility Conditions for Asset-Backed Securities and Solicits Additional Comment on Proposed Asset-Level Information Requirements

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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.