FDIC Extends Securitization Safe Harbor Yet Again; Gains More Time to Further Consider Securitization Reforms

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On March 11, 2010, the board of directors of the Federal Deposit Insurance Corporation (“FDIC”) adopted a final rule (the “Final Rule”) amending 12 C.F.R. §360.6 (the “Securitization Rule”) regarding the FDIC’s treatment, as conservator or receiver, of financial assets transferred by an insured depository institution (“IDI”) in connection with a securitization or participation.1 The Final Rule extends the date (the “Sunset Date”) on or prior to which all securitizations and participations for which financial assets are transferred, or revolving securitization trusts for which securities are issued, will remain “legally isolated” so long as those securitizations and participations would have been accounted for as sales under GAAP as in effect before November 15, 2009, and satisfy all other conditions of the Securitization Rule from March 31, 2010, to September 30, 2010. The FDIC Board’s adoption of the Final Rule to extend the Sunset Date to September 30, 2010, was recognition that more time would be needed to consider the more extensive and provocative securitization reforms it proposed under an Advance Notice of Rule Making (the “ANPR”) it issued on December 15, 2009.

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