News & Analysis as of

Dodd-Frank Wall Street Reform and Consumer Protection Act › Securities and Exchange Commission (SEC) › Asset-Backed Securities

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
Alston & Bird

New SEC Rule 192: Prohibition Against Conflicts of Interest in Certain Securitizations

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Our Finance Group summarizes the Securities and Exchange Commission’s finalized Rule 192 that prohibits conflicts of interest among participants in asset-backed securitizations. - The Dodd–Frank Act prohibits conflicts...more

Cadwalader, Wickersham & Taft LLP

SEC Adopts a Rule Prohibiting Conflicts of Interest in Certain Securitizations

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On November 27, 2023, the Securities and Exchange Commission (the “Commission”) adopted Rule 192 under the Securities Act of 1933 (the “Securities Act”), a rule that is designed to prohibit “material conflicts of interest” in...more

Sheppard Mullin Richter & Hampton LLP

SEC’s Proposed Conflicts of Interest Rule May Impede Hedging

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Critics are warning that the SEC’s recently proposed rule (the “Proposed Rule”) prohibiting conflicts of interest in asset-backed securities (ABS) transactions may impede the ability of financial institutions, broker-dealers...more

King & Spalding

Rule 192

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On January 25, 2023, the Securities and Exchange Commission (“SEC”) issued a release reproposing new Rule 192 (the “Proposed Rule”) under the Securities Act of 1933 (the “Securities Act”), which is intended to prevent the...more

Goodwin

Financial Services Weekly News Roundup - February 2023

Goodwin on

Federal Reserve Issues Policy Statement on Section 9(13) of the Federal Reserve Act - On January 27, the Federal Reserve issued a policy statement interpreting section 9(13) of the Federal Reserve Act, which authorizes...more

Patterson Belknap Webb & Tyler LLP

SEC Re-Proposes Conflicts of Interest Rule Mandated by the Dodd-Frank Act

Patterson Belknap Webb & Tyler LLP on

On January 25, 2023, the Securities and Exchange Commission (the Commission) voted unanimously to re-propose new Securities Act Rule 192. The proposed rule would prohibit securitization participants from engaging in...more

Morgan Lewis

Everything Old Is New Again: SEC Re-Proposes Securitization Conflicts of Interest Rule

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More than a decade after its initial proposal,1 the US Securities and Exchange Commission (SEC) has re-proposed a new rule 2 under the Securities Act of 1933, as amended (the Securities Act), prohibiting material conflicts...more

Akin Gump Strauss Hauer & Feld LLP

SEC Re-Proposes Rule to Prohibit Material Conflicts of Interest in Securitizations

Akin Gump Strauss Hauer & Feld LLP on

On January 25, 2023, the U.S. Securities and Exchange Commission (SEC) re-proposed rules1 (the “Proposed Rule”) to implement Section 27B of the Securities Act of 1933, as amended (“Section 27B”), which was mandated by Section...more

Cadwalader, Wickersham & Taft LLP

SEC Re-Proposes Dodd-Frank Act Section 621 Conflicts of Interest Rule

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The Securities and Exchange Commission (“SEC”) unanimously voted yesterday to re-propose a rule to prohibit conflicts of interest in certain securitization transactions. The SEC previously proposed, but never finalized, this...more

Mayer Brown Free Writings + Perspectives

Dodd-Frank Act Era Conflicts Rule Reproposed

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Yesterday, the Securities and Exchange Commission proposed a rule to implement Section 27B of the Securities Act.  This section was added as a result of the addition of Section 621 of the Dodd-Frank Act, which was a late...more

Morrison & Foerster LLP

The Decision of the U.S. Court of Appeals Rules in Favour of LSTA in CLO Risk Retention Suit

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This brief summary of the decision delivered on 9 February 2018 will be of interest to anyone involved in the CLO business in the United States....more

Cadwalader, Wickersham & Taft LLP

Court of Appeals Decision: Managers of Open-Market CLOs Not Subject to Dodd-Frank Risk Retention

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On February 9, 2018, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit unanimously ruled in favor of the Loan Syndications and Trading Association (“LSTA”) in its lawsuit against the...more

Kramer Levin Naftalis & Frankel LLP

Funds Talk: May 2017 - Securitization Rules Offer Differing Definitions of ‘U.S. Person’

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With the long-awaited U.S. rules requiring a level of risk retention in securitizations recently going into effect, an added wrinkle has been created by a slight difference in how “U.S. person” is defined in different...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

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Financial Industry Developments - SEC Adopts Final Rules to Facilitate Intrastate and Regional Securities Offerings - On October 26, 2016, the Securities and Exchange Commission adopted rules designed to modernize...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Despite Challenges, Risk Retention Rules Set to Impact All Asset-Backed Securities by End of 2016"

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Credit risk retention rules are intended to promote an alignment of interests between sponsors and investors of securitizations by requiring sponsors to maintain “skin in the game” — that is, retain a certain percentage of...more

Adler Pollock & Sheehan P.C.

Glossary of Important Securities Regulation Terms and Definitions

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This Glossary is designed to provide law students taking Securities Regulation with a tool that will assist them in learning the basic language of securities law and achieve a working knowledge of the fundamental principles...more

Morrison & Foerster LLP - JOBS Act

SEC Remarks at the Practising Law Institute’s Program Titled “SEC Speaks in 2015”

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On February 20, 2015, several representatives from the SEC spoke at the Practising Law Institute’s program titled “SEC Speaks in 2015,” including Chair Mary Jo White and Commissioner Louis A. Aguilar. Ms. White provided...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Regulation AB: New Rules for Publicly Issued Asset-Backed Securities"

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In August 2014, the Securities and Exchange Commission revised the existing regulations that govern the offering process and the disclosure and periodic reporting requirements for publicly offered asset-backed securities...more

Goodwin

Financial Services Weekly News Roundup - December 2014 #5

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Editor’s Note: Spotlight on the Credit Risk Retention Rule: The OCC, Federal Reserve Board, FDIC, SEC, FHFA and HUD announced the adoption of a joint final rule (the Rule) to implement the credit risk retention...more

Williams Mullen

Final Dodd-Frank Risk Retention Rule Adopted

Williams Mullen on

On October 22, 2014, six federal agencies approved a final rule requiring sponsors of asset securitization transactions to retain risk in those transactions. The final rule implements the risk retention requirements in the...more

Katten Muchin Rosenman LLP

Six Federal Agencies Jointly Approve Final Risk Retention Rule

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Six federal agencies approved on October 22 a final rule requiring sponsors of securitization transactions to retain risk in those transactions. The final rule implements the risk retention requirements in the Dodd-Frank Wall...more

Orrick - Finance 20/20

Joint Federal Regulators Approve Final Risk Retention Rules

Orrick - Finance 20/20 on

On October 21 and 22, the Fed, HUD, FDIC, FHFA, OCC, and SEC jointly approved final risk retention rules. The final rules, which implement Section 941 of Dodd Frank, generally follow the re-proposed rules issued in August...more

Blank Rome LLP

U.S. Regulatory Update–Final Rules: Credit Risk Retention for CLOs

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Call to Action: The final risk retention rules will change the status quo for nearly all CLO managers beginning in the fourth quarter of 2016. All managers should begin assessing whether and how they will comply with the...more

Dechert LLP

Final Credit Risk Retention Rules Adopted for Asset Backed Securities and Residential Mortgage Backed Securities

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The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Department of Housing and Urban Development, Federal Housing Finance Agency, and...more

Ballard Spahr LLP

Regulators Adopt Risk Retention Rule with Few Changes

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A final credit risk retention rule was recently issued with respect to asset-backed securities (ABS) by the prudential bank regulators (the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance...more

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