 Regulation AB
Regulation AB is a comprehensive set of new rules and amendments that address
the registration, disclosure and reporting requirements for asset backed
securities (ABS) under the Securities Act of 1933 and the Securities Exchange
Act of 1934. Because the ABS market is a relatively new and fast growing
component of the U.S. capital markets, regulators and industry professionals
alike sought to bring about transparency and clarity regarding registration,
disclosure, and reporting requirements for asset backed securities.
Thus, the main focus of Regulation AB consists of twenty-four rules, commonly
known as “items”, which are numbered items 1100 through 1123. These
twenty-four items comprehensively address the four primary regulatory areas
affecting asset-backed securities: Securities Act Registration,
disclosure, communications during the offering process, and ongoing reporting
under the exchange act. In rolling out Regulation AB, the SEC sought to
update and create a higher degree of clarity regarding securities act
registration requirements for Asset Backed Securities along with expanding the
various types of securities that may be offered. Additionally, a
consolidation of existing conditions regarding exchange act reporting and
streamlining existing positions for written communication in a registered ABS
offering was also sought. Lastly, the remediation of no-action, disjointed
servicing standards, such as the USAP, was to be augmented, and ultimately
replaced, by a more comprehensive, stringent, and thorough servicing standard.
NDB, LLP provides a wide range of services to help clients meet the demands of
Regulation AB compliance. Though in its infancy, Regulation AB will quickly
require considerable time and resources from servicers for ensuring all aspects
of Item 1122 and Item 1123 have been complied with. Our goal is to provide an
efficient, cost-effective approach for Regulation AB compliance.
Our services for Regulation AB are comprised of the following areas:
For more information on our Regulation AB services, please visit our
Regulation AB site at www.regulationab.com
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