• SEC Re-Proposes Transaction and Registrant Shelf Eligibility Requirements for Asset-Backed Securities and Requests Comment on Other Outstanding Rule Proposals
  • August 8, 2011 | Authors: Evan M. Drutman; Carol M. McGee; Gary D. Roth
  • Law Firms: Alston & Bird LLP - New York Office ; Alston & Bird LLP - Washington Office ; Alston & Bird LLP - New York Office
  • On July 26, 2011, the U.S. Securities and Exchange Commission (the “Commission”) re-proposed for public comment rules that seek to enhance the disclosure, reporting and shelf eligibility requirements for issuers of asset-backed securities (ABS). The re-proposed rules are part of a comprehensive rulemaking package that was initially proposed in April 2010 (the “2010 ABS Proposing Release”). In July 2010, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”). Title XI, Subtitle D of the Act is intended to enhance the transparency and disclosure obligations of ABS issuers and seeks to reduce certain perceived risks associated with ABS transactions.