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ARTICLE · 16 JANUARY 2019

US Government Shutdown: Effects On The ABS Market

Mayer Brown
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As the third week of the US government shutdown comes to a close with no apparent end in sight, we note that the effects are being felt even in the asset-backed securities market.

United StatesFinance and Banking
Julie A. Gillespie
Julie A. Gillespie
Melissa Kilcoyne
Melissa Kilcoyne
Lindsay O'Neil
Lindsay O'Neil
Jan Stewart
Jan Stewart
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As the third week of the US government shutdown comes to a close with no apparent end in sight, we note that the effects are being felt even in the asset-backed securities market.

SEC Registration Process

Only essential employees—approximately 6 percent of the overall workforce—are working at the US Securities and Exchange Commission ("SEC"). The staff members that remain are focusing their attention on "emergency situations involving market integrity and investor protection," according to the SEC's website.1 Although the Electronic Data Gathering, Analysis, and Retrieval system ("EDGAR") is available for document submissions and the generation of online access codes, staff are not available to review and accelerate the effectiveness of registration statements, review periodic reports or provide other non-emergency support. As a result, the registration process for new offerings of securities, including asset-backed securities issued pursuant to shelf

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