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ARTICLE · 25 MAY 2004

SEC Proposes New Rules for Asset-Backed Securities

Mayer Brown
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On May 3, 2004, the Securities and Exchange Commission proposed a massive set of rules for asset-backed securities ("ABS") under the Securities Act of 1933 and the Securities Exchange Act of 1934. The proposed rules aim to regulate ABS in four areas: (1) Securities Act registration, (2) disclosure under new Regulation AB, (3) communications during the offering process and (4) ongoing reporting requirements under the Exchange Act.

United StatesEmployment and HR
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On May 3, 2004, the Securities and Exchange Commission proposed a massive set of rules for asset-backed securities ("ABS") under the Securities Act of 1933 and the Securities Exchange Act of 1934. The proposed rules aim to regulate ABS in four areas: (1) Securities Act registration, (2) disclosure under new Regulation AB, (3) communications during the offering process and (4) ongoing reporting requirements under the Exchange Act.

The SEC recognizes that asset-backed securities and issuers of asset-backed securities differ from corporate securities and operating companies. Many of the existing disclosure requirements and reporting obligations, primarily for corporate issuers, do not elicit relevant information for ABS transactions and investors in these transactions. Through no-action letters and the filing review process, the SEC staff has attempted over the past 20 years to address issues particular to asset-backed securities. The proposed rules codify and consolidate many existing

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