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Alternative Market Briefing

SEC urges comments from stakeholders on asset-backed securities disclosure and registration

Wednesday, February 26, 2014

Komfie Manalo, Opalesque Asia:

The U.S. Securities and Exchange Commission has called on stakeholders to provide comments on the proposed asset-backed securities (ABS) disclosure and registration to give the regulators a wider perspective before finalizing its rule on ABS.

Commissioner Michael S. Piwowar issued the appeal as the SEC reopened the comment period for ABS disclosure and registration.

Piwowar said, "During the re-opened comment period, it would be helpful to receive comments on whether asset-level data is necessary for investors to independently perform due diligence on Auto ABS and other types of non-MBS offerings. In other words, do grouped account disclosures or grouped account and pool-level disclosures provide sufficient information to investors for these types of securities? If these types of disclosures are not sufficient, or if the markets for Auto ABS and other non-MBS offerings can be further improved with asset-level disclosures, I would be interested in commenters describing any associated quantitative or qualitative benefits and costs to the markets as they exist today."

He said he looks forward to reviewing the comments to determine whether market participants understand their obligations under the described approach to handle sensitive asset-level data. An important question to answer is if there is sufficient guidance to disti......................

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