SEC Proposes Extensive Reform to the Rules and Regulations for Public, Private Offerings of Asset-Backed Securities
May 28, 2010
During the April 7, 2010 open meeting of the Securities Exchange Commission, the SEC unanimously approved the release, for a 90-day public comment period, of a proposal to revise Regulation AB and other rules regarding the offering process, disclosure, and reporting for asset-backed securities. The SEC’s proposals, if adopted, would only apply to new issuances of ABS after the implementation date of the new rules and would not impose new requirements on outstanding ABS. As part of the amendments, the SEC would make changes to the forms and procedures used in registered ABS offerings. This article summarizes the proposed rules.