SEC Votes to Adopt Asset-Back Securities Proposal
The Securities and Exchange Commission has voted to adopt new and amended rules to address the registration, disclosure and reporting requirements for asset-backed securities under the Securities Act of 1933 and the Securities Exchange Act of 1934. Principally, the amendments will update and clarify the Securities Act registration requirements for offerings of asset-backed securities. It will also consolidate and codify existing interpretive positions that allow modified Exchange Act reporting that is more tailored and relevant to asset-backed securities. Thirdly it will provide tailored disclosure guidance and requirements for Securities Act and Exchange Act filings involving asset-backed securities. Finally it should streamline and codify existing interpretive positions that permit the use of written communications in a registered offering of asset-backed securities. In other news the SEC has voted to publish reproposed Regulation NMS, which would contain revisions of four interrelated proposals designed to modernize the regulatory structure of the US equity markets. The substantive topics addressed are order protection, intermarket access, sub-penny pricing, and market data.