The US Securities and Exchange Commission (the Commission) has released an important and voluminous notice of proposed rulemaking1 (the NPR) relating to asset-backed securities (ABS). Comments on the NPR will be due 90 days after the NPR is published in the Federal Register. The Commission currently expects that the new requirements would apply only to ABS issued after the implementation date(s) for the changes that are ultimately adopted, which may be up to one year after the final rules are adopted.

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