On August 27th, the SEC unanimously approved final amendments to Regulation AB II. The changes address the offering process and disclosure and periodic reporting requirements for asset-backed securities.
Some of the significant changes adopted by the Commission today are:
The road to these final amendments has been long. The amendments were first proposed prior to the adoption of the Dodd-Frank Act in 2010 -- which addressed some of the elements of the 2010 proposal -- resulting in a re-proposal by the Commission in 2011. The Commission published a third release in 2014, requesting comment on the possibility of sponsors disclosing asset-level information on their own websites.
Read Chairman Mary Jo White's statement here.