SEC Adopts Final Rules for Asset-Backed Securities - Part 1

In a release published in the Federal Register on January 7, 2005 ("Adopting Release"), the U.S. Securities and Exchange Commission ("SEC") adopted new and amended rules and forms ("Rules") to address comprehensively the registration, disclosure, and reporting requirements for publicly offered asset-backed securities ("ABS") under the U.S. Securities Act of 1933 ("Securities Act") and the U.S. Securities Exchange Act of 1934 ("Exchange Act").¹ The Rules codify much of the existing SEC interpretations and staff "no action" letters applicable to securitizations and were generally adopted along the lines of the SEC’s proposed rules and forms (the "Proposal"),² although some significant modifications were made in response to the numerous comments submitted in respect of the Proposal.³