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The SEC set the compliance date for amendments to Regulation AB. Regulation AB consolidates and codifies existing interpretative positions that clarify Securities Act of 1933 registration requirements for asset backed securities offerings. The relevant amendments require asset-level disclosure for offerings of asset-backed securities backed by residential mortgages, commercial mortgages, auto loans, auto leases and debt securitizations (including resecuritizations). The asset-level data requirements are applicable only to securitizations in which the initial bona fide offer occurs on or after

The SEC's adoption of revisions to Regulation AB and other rules governing the offering process, disclosure and reporting for asset-backed securities ("ABS") was published in the Federal Register. The final rules require that, with some exceptions, prospectuses for public offerings under the Securities Act, and ongoing reports under the Exchange Act, of ABS backed by real estate assets, auto-related assets or debt securities, contain specified asset-level information about each of the assets in the pool. Additionally, the SEC adopted (i) rules to revise filing deadlines for ABS offerings to

The SEC's adopted amendments to existing rules, and new rules that apply to credit rating agencies registered with the SEC as nationally recognized statistical rating organizations ("NRSROs"), were published in the Federal Register. The amendments relate to the implementation of a requirement added by Dodd-Frank that issuers and underwriters of asset-backed securities make publicly available the findings and conclusions of any third-party due diligence report obtained by the issuer or underwriter. The rules will become effective on November 14, 2014. Certain amendments listed in the release

The SEC charged a business development company (BDC) and three of its officers with overstating the fund's assets during the financial crisis. The fund's asset portfolio consisted primarily of corporate debt securities and investments in collateralized loan obligations (CLOs). According to the order, the BDC's valuation procedures should have been consistent with the requirements of FAS 157, which prioritizes market value over other measures of value. Instead, the fund had treated all of its securities as illiquid, notwithstanding that many of the securities did trade, and valued the