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SEC Adopts Asset-Backed Securities Reforms, Credit Agency Rules

Joe Mont | August 27, 2014

Four years in the making, the Securities and Exchange Commission on Wednesday adopted revised rules governing the disclosure, reporting, and offering process for asset-backed securities. In a separate, but related, action it also finalized several new requirements for credit rating agencies registered with the SEC as nationally recognized statistical rating organizations.

The new asset-backed securities rules require loan-level disclosure for certain assets, such as residential and commercial mortgages and automobile loans.  The rules also provide more time for investors to review and consider a securitization offering, alter the eligibility criteria for using an expedited offering process known as “shelf offerings,” and make important revisions to reporting requirements.

Asset-backed securities (ABS)...

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