The Securities and Exchange Commission (SEC) has released proposed revisions relating to the registration and ongoing disclosure obligations for mortgage-backed securities (MBS) and asset-backed securities (ABS). The 700-plus pages describe substantial changes to the current framework. For example, in order to be eligible to use a short-form registration statement in connection with ABS, an issuer must retain a portion of each tranche of offered securities, for the term of such securities.
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