Asset-Backed Securities

News & Analysis as of

?New Securities Rules for ABCP Conduits Coming into Effect May 2015

Canada’s C$30-billion market for “asset-backed commercial paper” will soon be regulated by Canada’s securities regulators (CSA) for the first time....more

SEC Remarks at the Practising Law Institute’s Program Titled “SEC Speaks in 2015”

On February 20, 2015, several representatives from the SEC spoke at the Practising Law Institute’s program titled “SEC Speaks in 2015,” including Chair Mary Jo White and Commissioner Louis A. Aguilar. Ms. White provided...more

SEC Publishes Technical Corrections to Regulation AB II

On February 4, the SEC released certain technical corrections to rules that were published in the Federal Register on September 24, 2014. The changes effect Regulation AB and other rules governing the offering process,...more

"Regulation AB: New Rules for Publicly Issued Asset-Backed Securities"

In August 2014, the Securities and Exchange Commission revised the existing regulations that govern the offering process and the disclosure and periodic reporting requirements for publicly offered asset-backed securities...more

"Risk Retention Rules Impact Registered Fund Tender Option Bond Financings"

In October 2014, several regulatory agencies approved final rules to implement the risk retention requirement mandated by Section 941 of the Dodd-Frank Act. (See "Regulators Adopt Final Risk Retention Rules for Asset-Backed...more

Is CMBS the answer to Italian bank deleveraging woes?

According to a recent report published by Cushman & Wakefield’s (C&W), 2014 was a massive year for the non-performing loan (NPL) market with the execution of a record €80.6bn of European commercial real estate and real estate...more

"Regulators Adopt Final Risk Retention Rules for Asset-Backed Securities"

In October 2014, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, the Federal Housing...more

The Risk Retention Rules: A Victory for Securitizations Involving Residential Mortgage-Backed Securities?

When Congress passed the Dodd-Frank Act, it mandated the creation of risk retention rules in an effort to align the incentives of sponsors of asset-backed securities (ABS) with the interests of investors and to improve the...more

Uses and Advantages of Delaware Statutory Trusts and Delaware Limited Liability Companies in Structured Finance Transactions

Over the past 10-20 years, a large number of secured equipment finance and asset securitization transactions have been structured using either a Delaware Statutory Trust (a “DST”) created pursuant to the Delaware Statutory...more

Rating Agency Developments

On January 7, Fitch revised its criteria for rating U.S. Public Finance Short-Term Debt. On January 7, DBRS released its methodology for surveillance of North American CMBS. On January 6, Fitch released its global criteria...more

Financial Services Weekly News Roundup - December 2014 #5

Editor’s Note: Spotlight on the Credit Risk Retention Rule: The OCC, Federal Reserve Board, FDIC, SEC, FHFA and HUD announced the adoption of a joint final rule (the Rule) to implement the credit risk retention...more

New Law Limits the Swaps Pushout Requirement to Apply Only to Certain ABS Swaps

On December 16, 2014, President Barack Obama limited the scope of swaps and security-based swaps subject to the Dodd-Frank Wall Street Reform and Consumer Protection Act’s (“Dodd-Frank Act’s”) pushout requirement to certain...more

CSRC Issues New Provisions

The provisions detail a new regime for privately placed, exchange-traded, and asset-backed securities in China. On November 19, the China Securities Regulatory Commission (CSRC) issued the long-awaited Provisions on...more

Credit Risk Retention Final Rule: Enforcement and Compliance Considerations

Predicting enforcement of the final rule regarding U.S. risk retention is an uncertain task. This OnPoint is designed to provide guidance on possibilities related to consequences of non-compliance, enforcement approaches by...more

Financial Regulatory Developments Focus - December 2014 #2

In this issue: - Bank Prudential Regulation & Regulatory Capital - Bank Structure - Derivatives - Financial Market Infrastructure - Financial Services - People - Events...more

Final Dodd-Frank Risk Retention Rule Adopted

On October 22, 2014, six federal agencies approved a final rule requiring sponsors of asset securitization transactions to retain risk in those transactions. The final rule implements the risk retention requirements in the...more

Final U.S. Credit Risk Retention Rules Adopted

Federal regulators have adopted the long-awaited joint Final Rule (the “Final Rule”) implementing the credit risk retention requirements of Section 15G of the Exchange Act of 1934 (“Section 15G”) for asset-backed securities...more

Six Federal Agencies Jointly Approve Final Risk Retention Rule

Six federal agencies approved on October 22 a final rule requiring sponsors of securitization transactions to retain risk in those transactions. The final rule implements the risk retention requirements in the Dodd-Frank Wall...more

SEC Adopts Updated EDGAR Filer Manual

On October 20, the SEC revised EDGAR filer manual to reflect certain changes related to asset-backed security filings....more

Regulators Decline to Exempt TOBs from Risk Retention Rule but Add Helpful Revisions and Clarifications

Although regulators have rebuffed industry efforts to have tender option bonds (TOBs) exempted from the final credit risk retention rule (the CRRR), they have nevertheless provided some helpful changes and clarifications that...more

Regulators Jointly Approve Final Risk Retention Rule

On October 22, coordinated by the Department of Treasury, six federal agencies – the Board of Governors, HUD, FDIC, FHFA, OCC, and SEC – approved a final rule requiring sponsors of securitized transactions, such as...more

CLO Risk Retention: The Headline Hurts; the Hit, Not So Much

More than a year after the Office of the Comptroller of the Currency of the Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Securities and...more

Financial Regulatory Agencies Adopt Final Risk Retention Rules, Causing Changes To Mortgage and Securitization Practices

On October 21 and 22, 2014, six federal regulatory agencies jointly adopted a final rule implementing certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) designed to require...more

Joint Federal Regulators Approve Final Risk Retention Rules

On October 21 and 22, the Fed, HUD, FDIC, FHFA, OCC, and SEC jointly approved final risk retention rules. The final rules, which implement Section 941 of Dodd Frank, generally follow the re-proposed rules issued in August...more

U.S. Regulatory Update–Final Rules: Credit Risk Retention for CLOs

Call to Action: The final risk retention rules will change the status quo for nearly all CLO managers beginning in the fourth quarter of 2016. All managers should begin assessing whether and how they will comply with the...more

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