Regulation AB II

The Securities and Exchange Commission today adopted final amendments related to Regulation AB that were first proposed in 2010.¹ The changes address the offering process and disclosure and periodic reporting requirements for asset-backed securities. The 2010 proposals were published prior to the adoption of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Dodd-Frank Act addressed some of the elements of the 2010 proposal, resulting in a reproposal by the Commission in 2011.² The Commission published a third release in 2014,³ requesting comment on the possibility of sponsors disclosing asset-level information on their own websites. The comment period for the third release was extended in March 2014.⁴