Recent SEC Action on Asset-Backed Securities and Shareholder Director Nominations
The Securities and Exchange Commission (SEC) recently took action on two issues of particular importance to the financial sector. Asset-Backed Securities In response to Sec. 943 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the SEC has issued a proposed rule on the disclosure for asset-backed securities. The rule would require additional disclosures by those who deal in asset-backed securities on both fulfilled and unfulfilled repurchase requests. The rule would also require national ratings organizations to include additional information in any credit rating report given to investors. For other related reports, including preliminary ratings, agencies must include information. Read More.