The Securities and Exchange Commission has taken swift action to address one of the undoubtedly long list of issues stemming from the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The staff of the Division of Corporation Finance has issued guidance and no-action relief to deal with an issue stemming from the Act’s repeal of Rule 436(g) under the Securities Act of 1933, which threatened to effectively freeze asset-backed securities markets and cause a major disruption in the fixed income markets.
