As the proposed guidelines for the consolidation of special purpose entities are firming up, the picture is looking decidedly brighter on some levels, but not quite in the clear for the securitization segments at greatest risk, such as CDOs and ABCP conduits - typically not structured through qualifying-SPEs.

Apparently, while guidelines were set forth for identifying SPEs that could be exempt from consolidation, some accounting professionals are having trouble imagining securitization-related non-QSPEs that would satisfy the conditions.

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