As the structured finance market struggles to make sense of myriad new rules stemming from the Dodd-Frank Act, it's become clear that rating agency reform initiatives from the regulators have largely been put on hold.

Substantial revisions to Reg AB, referred to as Reg AB II, were proposed last April, including one provision that would remove the investment-grade ratings requirement to issue ABS from a shelf and impose other requirements, including issuers retaining a portion of the credit risk.

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