SEC Issues Final Rules in Connection with Exchange Act Reporting for ABS Issuers

September 08, 2011
The Securities and Exchange Commission recently issued final rules regarding an asset-backed securities issuer’s duty to file reports under the Securities Exchange Act of 1934. The rules, which become effective on September 22, specify that the duty to file periodic reports under the Exchange Act will be suspended if all outstanding ABS are held by affiliates of the depositor, or if no ABS are outstanding. This update examines the conditions for suspending this reporting obligation and the implications for ABS issuers and investors.