The Securities and Exchange Commission today adopted final amendments related to Regulation AB that were first proposed in 2010.1 The changes address the offering process and disclosure and periodic reporting requirements for asset-backed securities. The 2010 proposals were published prior to the adoption of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Dodd-Frank Act addressed some of the elements of the 2010 proposal, resulting in a reproposal by the Commission in 2011.2 The Commission published a third release in 2014,3 requesting comment on the possibility of sponsors disclosing asset-level information on their own websites. The comment period for the third release was extended in March 2014.

Some of the significant changes adopted by the Commission today are...