The issues that appeared to attract the most attention in the US securitization industry during 2016 were (I) the Regulation AB II asset-level disclosure requirements for all asset types other than residential mortgage loans (that became subject to the Regulation AB II asset-level disclosure requirements during 2015), which became effective in November 2016 for registered offerings of asset-backed securities; and (ii) the risk retention requirements, which became effective for both registered and unregistered asset-backed securities offerings on 24 December 2016. While the collateralised loan obligation market has been focused on complying with the risk retention requirements for the last few years, it seemed that 2016 was when the commercial mortgage-back securities (CMBS) market started to focus intently on the risk retention requirements.
Read the full article: Structured finance and securitization 2017
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Reproduced with permission from Law Business Research Ltd. Getting the Deal Through: Structured Finance & Securitisation 2017, (published in March 2017; contributing editor: Patrick D Dolan, Norton Rose Fulbright LLP) For further information please visit Getting The Deal Through.
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The US Supreme Court has ruled that a “pure omission” under Item 303 of Securities and Exchange Commission Regulation S–K cannot give rise to a private action for securities fraud under Section 10(b) and Rule 10b-5(b) of the Securities Exchange Act of 1934.
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