SEC Updates Guidance on Asset-Level Disclosure Form Filings

The SEC Division of Corporation Finance updated its Compliance and Disclosure Interpretations relating to the filing of asset-level disclosures on Form ABS-EE ("Form for Submission of Electronic Exhibits for Asset-Backed Securities").

In the update, the Division provides guidance for issuers of securities backed by commercial mortgages on information to investors related to an adjustable rate loan that has transitioned from LIBOR to another index. The SEC said that issuers should provide any relevant information regarding the transition, such as the initial LIBOR index used and the date of the transition to the new index.