New Regulation AB II and NRSRO Rules Released

September 04, 2014

The U.S. Securities Exchange Commission (the “SEC”) released new Regulation AB II Rules (the “Reg AB Rules”) and regulations relating to credit rating agencies (“the NRSRO Rules”) on August 27, 2014. The Reg AB Rules1 revise the disclosure, reporting and offering process for asset-backed securities (“ABS”). Both the Reg AB Rules and the NRSRO Rules generally become effective 60 days after publication in the Federal Register. Issuers must comply with the Reg AB Rules, other than the asset-level disclosure requirements, within one year of publication and have two years to comply with the asset-level disclosure requirements. The NRSRO Rules with respect to the annual reports on internal controls would be effective on January 1, 2015, and the first annual certificate would be required to be filed after the end of the 2015 calendar year.

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