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SEC Adopts 2 Regulations to Enhance Asset-Backed Securities Disclosures 

January 21, 2011 -- The Securities and Exchange Commission adopted two sets of new rules to help revitalize the asset-backed securities (ABS) market by encouraging better disclosure for investors. One set of rules requires issuers of asset-backed securities to disclose the history of the requests they received and repurchases they made for their outstanding asset-backed securities. The other rules would require issuers of asset-backed securities to conduct a review of the assets underlying those securities. The first set of rules requires, among other things, that ABS issuers provide in a tabular format the last three years of repurchase history in an initial filing. After the initial disclosure, the ABS issuer will file updated information on a quarterly basis. The rules go into effect in 60 days. The second set of rules allows the review of ABS assets to vary based on the circumstances and nature of the securitized assets. However, the review must, at a minimum, be designed to provide reasonable assurance that the prospectus disclosure about the assets is accurate in all material respects. Issuers also must disclose such information as loans that did not meet the disclosed underwriting criteria and were included in the pool. More information 
 
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