SEC Extends Re-Opened Comment Periods for Asset-Backed Securities Proposals Until April 28

The SEC extended until April 28, 2014 the comment periods previously re-opened on its rule proposals regarding asset-backed securities described in the releases entitled “Asset-Backed Securities” (the “2010 Release”) and “Re-Proposal of Shelf Eligibility Conditions for Asset-Backed Securities” (the “2011 Release” and, collectively with the 2010 Release, the “Releases”).  The re-opened comment periods were originally scheduled to close on March 28, 2014.  The 2010 Release, which was discussed in the April 13, 2010 Financial Services Alert, proposed significant revisions to Regulation AB including increased disclosure and reporting requirements.  The 2011 Release, which was discussed in the August 2, 2011 Financial Services Alert, re-proposed portions of the 2010 Release in light of the mandates of the Dodd-Frank Act.  The Releases’ comment periods were re-opened to allow public comment on a memorandum prepared by the SEC’s Division of Corporation Finance describing an alternative to making certain potentially sensitive asset-level information publicly available on EDGAR as proposed in the 2010 Release.  Under the alternative approach discussed in the staff memorandum, potentially sensitive asset-level information would be disclosed to investors and potential investors through an issuer’s website where it could be subject to appropriate safeguards on access. 

IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this informational piece (including any attachments) is not intended or written to be used, and may not be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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