• SEC Proposes to Overhaul Regulation of Asset-Backed Securities
  • April 21, 2010 | Authors: Carol M. McGee; Gary D. Roth
  • Law Firms: Alston & Bird LLP - Washington Office ; Alston & Bird LLP - New York Office
  • In an open meeting on April 7, 2010, the Securities and Exchange Commission (SEC) unanimously approved for public comment proposed rules that seek to substantially modify the regulatory framework in place for assetbacked securities (ABS). The proposals would make dramatic changes to the current offering, disclosure and reporting requirements for registered offerings of ABS and also would impose significant disclosure requirements on private offerings of structured finance products. Chairman Mary L. Shapiro, in her opening remarks, stated that the “release represents a fundamental revision to the way in which the ABS market would be regulated,” and that the changes were “both necessary and critical components of restoring investor confidence.”