SEC Adopts Rules For Asset-Backed Securities

Hawkins Advisory

On January 20, 2011, the Securities and Exchange Commission the “SEC”) adopted final rules1 relating to disclosure and diligence responsibilities with respect to the underlying portfolios securing asset-backed securities (“ABS”) pursuant to Sections 943 and 945 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).2 The Section 943 disclosure rules, for municipal issuers, have a three-year delayed compliance date. The Section 945 diligence rules only apply to registered securities and therefore would have no application to municipal securities.

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