Upcoming Recordkeeping Requirement Under Section 943 of the Dodd-Frank Act

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, BUT require record‐keeping commencing January 1, 2012.

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