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SEC Adopts First of ABS Disclosure Regulations

January 31, 2011

By The Securities Litigation and Enforcement Practice

On January 20, 2011, the Securities and Exchange Commission (SEC) voted on two sets of rules for asset-backed securities (ABS). The Commission approved both rules implementing aspects of section 943 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). One rule affects disclosure by adding a requirement that ABS issuers disclose the history of demands they received and repurchases made related to outstanding asset-backed securities. The second rule addresses issuer review of the underlying assets. All registered offerings of asset-backed securities after December 31, 2011 must comply with these rules.

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Image: Kenneth M Breen
Kenneth M Breen
Partner, Litigation Department
Image: Barry G Sher
Barry G Sher
Partner, Litigation Department
Image: William F Sullivan
William F Sullivan
Senior Counsel, Litigation Department
Image: Kevin C Logue
Kevin C Logue
Partner, Litigation Department
Image: Christopher H McGrath
Christopher H McGrath
Partner, Litigation Department
Image: Peter M Stone
Peter M Stone
Partner, Litigation Department
Image: Morgan J Miller
Morgan J Miller
Partner, Litigation Department