SEC Adopts Rules For Asset-Backed Securities
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.
Also of Interest
- SEC Staff Guidance Regarding Secondary Market Disclosure
This Advisory provides a summary and analysis of the recent Staff Legal Bulletin from the SEC’s Office of Municipal Securities.
- Hawkins Attorneys to co-chair and moderate The Bond Buyer’s National Outlook 2020 Conference
Howard Zucker will be co-chairing the Bond Buyer's 2020 National Outlook Conference. This annual event brings together specialists and professionals from every corner of the public finance industry.
- Carol McCoog Elected to the American College of Bond Counsel
Carol McCoog has been elected a Fellow of the American College of Bond Counsel (ACBC).
- Hawkins Attorneys are part of NABL’s SEC Rule 15c2-12 Working Group
Brian Garzione, Carol McCoog and Kenneth Roberts were part of the National Association of Bond Lawyers working group, that released the paper titled “SEC Rule 15c2-12 Amendments NABL Member Questions and Practical Considerations”.