As the deadline set by the Dodd-Frank Act approaches, six regulatory agencies announced that during the course of this week, all of them would consider a uniform joint regulation to implement Section 941(b) of that Act. This is the section of the Act that requires securitizers to retain at least 5% of the risk associated with the financial assets they securitize. This is sometimes referred to as "skin in the game."

Based on unofficial information about the contents of the proposal, we understand that if the six agencies adopt it without change, it will contain the following rules.