Client Alert

In 2014, the Securities and Exchange Commission adopted “Regulation AB II” — final regulations that substantially revise the offering process, disclosure and reporting requirements for registered offerings of asset-backed securities (ABS).

  • Registered offerings of ABS became subject to the new rule, form and disclosure requirements, except for the asset-level disclosure and reporting requirements, on November 23, 2015.
  • Registered offerings of ABS backed by residential mortgages, commercial mortgages, auto loans, auto leases, or debt securities (including resecuritizations) will become subject to the asset-level disclosure and reporting requirements on and after November 23, 2016.
  • Any Form 10-D or Form 10-K report filed after November 23, 2015, including those relating to legacy transactions, must comply with the new reporting requirements, except for asset-level reporting.

In this Client Alert, we provide a brief overview of the key reforms under Regulation AB II, followed by a more focused review of the next compliance hurdle that ABS issuers will face — annual compliance checks to determine continued shelf eligibility.

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