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Thursday, August 28, 2014

SEC Adopts New Rules for Asset-Backed Securities, Rating Agencies

The SEC voted unanimously to adopt new disclosure rules for financial firms that package and sell asset-backed securities.

As required by the Dodd-Frank Act, ABS issuers will be required to provide specific data — credit quality, collateral and projected cash flow — about the underlying residential and commercial mortgage loans, car loans and leases and debt securities in a standardized format, both at the time of securitization and on an ongoing basis.

Issuers that wish to qualify for expedited “shelf offerings” must provide a preliminary prospectus at least three days in advance of a sale. The rule also revises the eligibility terms for shelf offerings by removing the prior investment grade ratings and requiring certain certifications and compliance reviews.

The rule take effect 60 days after publication in the Federal Register.

Read more on the ABS rule.

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