It looks like the Financial Accounting Standards Board (FASB) is dropping the "exempt-SPE" guidelines from the consolidation project exposure draft, which should be out for commentary later this month or in early July. Instead, FASB is considering the addition of a new class of SPEs called "financial SPEs." These would fall under definitional requirements similar to those for QSPEs in SFAS 140, and would not be subject to the 10% outside equity requirement or primary beneficiary analysis, according to Deloitte & Touche, which has been distributing informal commentary following the subsequent FASB meetings on consolidation.

Financial SPEs might be more conducive to non-QSPE securitization structures. A likely difference is that, unlike a QSPE - which has assets transferred into it - the FSPE would be able to purchase assets, Deloitte said.

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