Due to "transfer-restriction" clauses found in the prospectuses of seasoned bonds, the transition to the new rules outlined in the long-anticipated Erisa guidelines - due to be released today by the Department of Labor - might prove to be as controversial and confusing as last week's presidential election.

According to Erisa lawyers, analysts and market pundits monitoring the development, many of the pooling and servicing agreements of CMBS and ABS dated before August 23 contain clauses that specifically forbid certain subordinate bonds to be transferred to Erisa-restricted accounts.

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