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SEC: Registration, Reporting and Disclosure Requirements for Asset-Backed Securities

ABA Contact: Sally Miller 202-663-5325
Published: 69 Federal Register 26650 May 13, 2004
Comments Due: July 12, 2004
Disposition: Filed

The Proposed Rule addresses the registration, disclosure and reporting requirements for asset-backed securities under the Securities Act of 1933 and the Securities Exchange Act of 1934. The proposal would update and clarify the Securities Act registration requirements for asset-backed securities offerings, including expanding the types of asset-backed securities that may conduct delayed primary offerings on Form S-3; consolidate and codify existing interpretive positions that allow modified Exchange Act reporting that is more tailored and relevant to asset-backed securities; provide tailored disclosure guidance and requirements for Securities Act and Exchange Act filings involving asset-backed securities; and streamline and codify existing interpretive positions that permit the use of written communications in a registered offering of asset-backed securities in addition to the statutory registration statement prospectus.

ABA believes that detailed disclosure of the role of the trustee in ABS transactions would be beneficial for trustees and investors. Such disclosures would be beneficial for both trustees and investors by helping investors better understand where responsibilities within a given transaction lie, and by better protecting trustees from liability arising from claims for failure to perform duties that were not, in fact, those of the trustee.

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