SIFMA and FSR Submit Comments to SEC Regarding Dissemination of Asset-Level Data

SIFMA and the Financial Services Roundtable ("FSR") submitted comments to the SEC on its February 25, 2014, staff memorandum ("Memorandum") regarding dissemination of asset-level data as to asset-backed securities ("ABS"). The Memorandum suggested that issuers might use their websites to disseminate asset-level data and other offering information to investors and potential investors, as required under the SEC's proposed offering, disclosure and reporting requirements for ABS.

SIFMA and FSR supported the disclosure of asset-level data with respect to some ABS asset classes; however, they urged the SEC to abandon what they called a "flawed disclosure mechanism suggested in the Memorandum, which would expose both consumers and issuers to unwarranted risks and liabilities." SIFMA and the FSR recommended that the SEC re-propose the ABS Releases in order to accommodate a more detailed and comprehensive reconsideration of the difficult technical, legal and public policy concerns raised by asset-level disclosure.

See:Comment Letter.