The final steps implementing new Dutch receivables transfer legislation are slated for early October 2004, and market pundits are now questioning how much the long-awaited legislation will actually affect market dynamics going forward.

"We'll probably see more of an impact on rate receivable or consumer loan deals but in terms of impacting RMBS deals, we don't really expect the new legislation to have much of an impact because of the type of mortgages that are securitized under Dutch structures," a source at Standard & Poor's said.

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