An Overview of the SEC’s Proposed Revisions to Regulation AB and Their Effect on Mortgage-Backed Securities

October 01, 2010

In January 7, 2005, the Securities and Exchange Commission (SEC or the Commission) issued Regulation AB, a final regulation intended to clarify the requirements for the registration, disclosure, and periodic reporting for asset-backed securities (ABS), including all public deals in residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS). Prior to Regulation AB, public offerings of mortgage- or asset-backed securities were governed by a mix of SEC no-action letters and other interpretive guidance with respect to what the securities laws required.

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