On January 20, 2011, the Securities and Exchange Commission (the “SEC”) adopted two final rules implementing Sections 943 and 945 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). The rules aim to provide additional transparency and disclosure to asset-backed securities (ABS) investors, and enable investors to compare information across ABS issuers and offerings.
In order to implement Section 943 of the Dodd-Frank Act, the SEC adopted a rule entitled “Disclosure for Asset-Backed Securities Required by Section 943 of the Dodd-Frank Wall Street Reform and Consumer Protection Act,” which amends the Securities Exchange Act of 1934, as amended (the “Exchange Act”), to incorporate Rules 15Ga-1 and 17g-7 and Form ABS-15G, and amends Items 1104 and 1121 of Regulation AB under the Securities Act of 1933, as amended (the “Securities Act”) (the “Reps and Warranties Rule”).
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