SEC Issues No-Action Relief after Review of AMR Procedures
The SEC Division of Corporate Finance issued a no-action letter based on a determination that the application of procedures for "applicable margin reset" (with respect to notes issued pursuant to a collateralized loan obligation) would not constitute an "offer and sale of asset-backed securities by an issuing entity" within the meaning of Regulation RR.
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The SEC, the Board of Governors of the Federal Reserve System ("FRB") and the Department of Housing and Urban Development ("HUD") voted to adopt the final Credit Risk Retention Rule.
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