The Securities and Exchange Commission recently released clarifying guidance on Regulation AB - Item 1122 (ASR, 08/14/06). ABS market participants have since applauded the move, although some have said that the clarifications are highly technical and do not address important issues that are still confounding the industry about Reg-AB implementation. Meanwhile, other market players have highlighted the clarifications that will benefit the asset-backed industry the most.

Ed Gainor, a partner at McKee Nelson, said that the new SEC clarifications were most helpful in defining what constitutes a servicing platform. However, there are still three major issues that continue to plague ABS market participants that the recent interpretive responses did not address.

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