This article first appeared in Global Securitisation & Structured Finance 2004 edition, published by Globe White Page Ltd sponsored by Deutsche Bank, www.globalsecuritisation.com."
The SEC has finally proposed regulations focused solely on the issuance of asset-backed securities, designed for the nuances of this specialised marketplace.
In a historic action, the United States Securities and Exchange Commission issued proposed rules to govern the asset-backed securities industry on May 3, 2004. If adopted, these rules will provide a unitary framework for all public asset-backed issuance in the US, establishing mandatory guidelines and principles for all issuers.While codifying much of existing industry practice, the proposed rules also set forth new requirements that will force industry participants to implement new procedures and to modify how they conduct business. As with any new protocol, implementation will involve additional expense, but these proposed rules should prove
