The American Securitization Forum this morning released its comment letter on the Securities and Exchange Commission's proposed changes to Securities Act of 1933. The SEC's modifications aim to enhance processes for the registration, communication and offering of publicly offered securities.
The ASF's letter goes a long way in endorsing the SEC's goal of providing timelier and more accurate information to investors. However, it raises concerns "with regard to liability for disseminated preliminary information and the exclusion of asset-backed securities issuers from certain benefits of Well-Known Seasoned Issuer status," said the ASF today.
"The proposed rules contain many far-reaching changes to long-standing policies and regulations that we believe will have a positive impact on the capital markets," said George Miller, executive director of the ASF. "However, we believe that the appreciable differences between the ABS and non-ABS markets merit different approaches on certain issues."
The full comment letter can be viewed at the ASF's Web site: www.americansecuritization.com