SEC Open Meeting, January 20, 2011

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Dodd-Frank Timeline, Disclosure for Asset-Backed Securities, SEC
Final Rule Issue Effective Date Compliance Date
January 26, 2011 March 28, 2011 February 14, 2012
Dodd-Frank Timeline, Issuer Review of Assets in Asset-Backed Securities, SEC
Final Rule Issue Effective Date Compliance Date
January 25, 2011 March 28, 2011 December 31, 2011

The U.S. Securities and Exchange Commission (SEC) public meeting focused on the issuance of proposed rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act concerning:

  • disclosure for asset-backed securities required by Section 943 of the Dodd-Frank Wall Street Reform and Consumer Protection Act; and
  • issuer review of assets in offerings of asset-backed securities.

Archived webcast:

Contents

Meeting Summary

Topics of Discussion

  • A set of rules requiring issuers of asset-backed securities to "disclose the history of the requests they received and repurchases they made related to their outstanding asset-backed securities."
  • A set of rules requiring issuers of asset-backed securities to review underlying assets of those securities.

Related Documents

Disclosure for Asset-Backed Securities Required by Section 943 of the Dodd-Frank Wall Street Reform and Consumer Protection Act

Read final rule.png

Issuer Review of Assets in Offerings of Asset-Backed Securities

Read final rule.png

Speakers

Commissioner Troy A. Paredes, whose statements include:

  • Concern about the "reasonable assurance" standard of review required of issuers.
  • Concern that "third-party due diligence providers will refuse to give the required consent because of the threat of legal liability."
  • Declining support for the recommendation(s), as well as suggestions for alternative regulation.

Commissioner Kathleen L. Casey, whose statements include:

  • Declining support for the recommendation(s).
  • A need for the Commission's continued monitoring of the use of credit ratings.
  • Opinions as to why the review standard "provides no discernible benefits for investors while potentially hindering capital formation."

Commissioner Luis A. Aguilar, whose statements include:

  • Support for the recommended rules and the resulting "enhanced transparency" in the asset-backed securities market.
  • Opinions as to why the final rules adopted concerning asset-backed securities are a "substantial improvement" from the original proposal.

Chairman Mary L. Schapiro, whose statements include:

  • A breakdown of the first set of rules (disclosure) and the second set of rules (issuer review).
  • Emphasizing the need for a minimum review standard.
  • "I believe the principles-based standard that the staff has prepared for our consideration strikes the right balance between providing issuers flexibility to design a standard that suits the particular transaction, while making sure that issuers do not shirk their responsibilities to perform a meaningful review of the assets."

References

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