• SEC Adopts Final Rules Related to Representation and Warranties in Asset-Backed Securities Offerings
  • February 15, 2011 | Authors: Julie A. Gillespie; Christopher B. Horn; Elizabeth A. Raymond; Angela M. Ulum; Jon D. Van Gorp
  • Law Firms: Mayer Brown LLP - Chicago Office ; Mayer Brown LLP - New York Office ; Mayer Brown LLP - Chicago Office
  • On January 20, 2011, the US Securities and Exchange Commission (the “SEC”) issued final rules imposing extensive and potentially onerous reporting and disclosure requirements on issuers with respect to past and future repurchase or replacement activity arising from breaches of representations and warranties made in securitization transactions (the “Final Rules”). The rules were required by Section 943 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).