Securitization reform has been a hot topic since the beginning of the financial crisis. As the industry struggles to regain investor confidence, it has been further challenged by a flurry of new rules and regulations. The introduction of FAS 166 and 167 by the Financial Accounting Standards Board (FASB) in August 2009, the SEC’s proposed changes to Regulation AB released in April 2010, changes to regulatory capital and leverage requirements for financial institutions, and the final safe harbor rule adopted by the Board of the Federal Deposit Insurance Corporation (FDIC) (the “FDIC Safe Harbor Rule”) last month have been the focus of many articles, much debate and numerous conference panels. However, these are not the only regulatory challenges facing the securitization industry. The passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) in July 2010 requires various government agencies to promulgate hundreds of rules, many relating to various aspects of securitizations, within the year. These new rules must be reconciled with recently passed legislation, pending SEC rules and existing filing accommodations. In addition, there are Basel III and the revised Capital Requirements Directive in the European Union.