Understanding Regulation AB

July 2005
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Understanding Regulation AB: PwC

At a glance

The asset-backed securitization market did not exist when the Securities Act of 1933 and the Exchange Act of 1934 were created. The process of asset-backed security registration has been revised by Congress and the Securities and Exchange Commission (SEC) to address changes in the ABS market. This guide provides insight into Regulation AB and its potential affect on asset-backed securities.

The registration, disclosure, and reporting requirements for publicly issued asset-backed securities (ABS) are governed by the Securities Act of 1933 and the Exchange Act of 1934. The modern asset-backed securitization market did not exist at the time of the creation of these laws, and as a result, the process of asset-backed security registration has been revised several times by Congress and the Securities and Exchange Commission (SEC) to better reflect the needs of the ABS market.

To gain greater insight into the complexity of Regulation AB and its potential to significantly affect asset-backed securities, we encourage you to read our comprehensive guide, Understanding Regulation AB.

Regulation AB - what it does

  • Updates and clarifies the Securities Act registration requirements for ABS offerings
  • Provides disclosure guidance and requirements for Securities Act and Exchange Act filings involving ABS
  • Establishes a consistent servicing standard that is used as the basis for measuring
  • Requires an accountant’s attestation report for each servicer assertion