The SEC issued a revised rule proposal (the “Revised Proposal”) regarding registrant and transaction requirements related to shelf registration of asset-backed securities (“ABS”) that revisits a 2010 rule proposal (the “2010 Proposal,” which was discussed in the April 13, 2010 Financial Services Alert) in light of the mandates of the Dodd-Frank Act regarding ABS and public comment on the 2010 Proposal. (For example, the 2010 Proposal included a risk retention provision, which has been superseded by Section 941 of the Dodd-Frank Act, pursuant to which the SEC has jointly proposed rules with the other financial regulators, as discussed in the April 19, 2011 Financial Services Alert and June 7, 2011 Financial Services Alert.) Comments on the Revised Proposal are due no later than 60 days after its publication in the Federal Register.
For more information about the contents of this alert, please contact:
Elizabeth Shea Fries
Consumer Financial Services
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