On August 27, 2014, the Securities and Exchange Commission unanimously voted to adopt a package of new and amended rules governing the registration, offering process, disclosure and reporting for SEC registered asset-backed securities. The release adopting the final rules was dated and posted on September 4, 2014. The final rules are part of the SEC's rule-making effort commonly referred to as "Regulation AB II."

The final rules will become effective 60 days after their publication in the Federal Register. Market participants will be required to comply with the new rules and forms (except for the asset-level disclosure requirements) no later than one year after effectiveness and with the new asset-level disclosure requirements no later than two years after effectiveness.