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SEC Gives Lenders Some Slack on 'Reg AB'.(Securities and Exchange Commission)
WASHINGTON -- The Securities and Exchange Commission is giving servicers of asset-backed securities some latitude in defining their platforms for testing and reporting purposes under Regulation AB.
The SEC has clarified that servicers can define their ABS servicing platforms by collateral types and even by the computer systems they use. However, a platform should not be "artificially designed," the SEC says in newly issued written guidance that industry groups and accounting firms were waiting for.
A platform should "mirror actual servicing practices of the servicer conducting the assessment," the SEC says.
Under Regulation AB (Item 1122), servicers are required to assess their compliance with a list of servicing activities and hire auditors to test the accuracy of their assessment.
Early next year, servicers will file "Compliance with Applicable Servicing Criteria" reports for each platform and certify compliance or noncompliance for each quarter of 2006.
The written guidance, which the SEC calls "Telephone Interpretations," is expected to make it easier for servicers and their auditors to ...
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...call for clarification on Item 1122 of Reg AB. She also said that a telephone interpretation...criteria enumerated in Item 1122 (d) of Reg AB. Vendors are third parties employed by...executed specified servicing functions under Reg AB. In other words, there could be cases...
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The Securities and Exchange Commission has released its telephone...enumerated in Item 1122 (d) of Reg AB. ABS market participants...still remaining true to Reg AB's aim of providing investors...response from the SEC regarding Reg AB Item 1115, which relates...
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The Securities and Exchange Commission recently released clarifying...confounding the industry about Reg-AB implementation. Meanwhile...attestations under item 1122 of Reg AB. Gainor also cited the issue...also no clear guidance under Reg AB when it comes to required...
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- Newspaper article from: Asset Securitization Report Sibayan, Karen August 14, 2006 700+ words
Last week the Securities and Exchange Commission released clarifying guidance on Regulation AB -Item 1122, Compliance with applicable servicing criteria. Early in April, representatives...
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- Press release article from: Business Wire October 24, 2005 700+ words
...servicers, and trustees. Reg AB issues must be addressed...their progress in becoming Reg AB compliant. Background...securities, the Securities and Exchange Commission (SEC) adopted Regulation AB (Reg AB), which codifies and expands...
- 'Reg AB' Still a Source of Confusion.
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...But the Securities and Exchange Commission has not provided any clear...that the Securities and Exchange Commission is being adamant about Reg AB, although there are moves...transactions are not covered by Reg AB). If the investor market...
