asset-backed securities

SEC Announces its Reg AB II Registration Statement Pilot Program

On October 6, the SEC announced its Regulation AB II pilot program for registration statements relating to asset-backed securities. The SEC will begin accepting email requests to participate at 9 am ET on October 20. The SEC will select at least two issuers per asset class (on a first-come-first-served basis), and the deadline for draft registration statements is expected to be in February 2015. The SEC plans to make the draft registration statements and staff comments available to the public.  Announcement.

SEC Re-Proposes Shelf Eligibility Conditions for Asset-Backed Securities and Solicits Additional Comment on Proposed Asset-Level Information Requirements

In April 2010, the Securities and Exchange Commission (“SEC”) proposed “Regulation AB II,” a series of new and amended rules that, if adopted, would substantially revise the offering process, disclosure and reporting requirements for publicly-issued asset-backed securities (“ABS”) and impose new disclosure standards for privately-issued structured finance products.

At an open meeting on July 26, 2011, the SEC re-proposed certain of its Regulation AB II rule proposals in light of the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and comments received on its original rule proposals. Specifically, the SEC re-proposed rules relating to the eligibility criteria for shelf registrations of ABS and related filing deadlines for transaction agreements, and solicited additional comment on its proposal to require asset-level information about pool assets. The deadline for comments on the re-proposed rules is October 4, 2011.

Please click here to access our complete update, which includes a brief overview of relevant portions of the original proposals, as well as an overview of the re-proposed rules and request for additional comment.