Having gotten an earful from Wall Street about a proposal that, if implemented, could massively increase financial institutions' regulatory obligations for any structured deal that fits under a broad umbrella category of "complex structured finance transactions" (CSFTs), five federal agencies announced earlier this month that they had greatly revised their proposed criteria.

However, the proposed new rules could still prove quite burdensome for underwriters of lower quality credits, such as some high yield bonds, credit derivatives and securities tied to special purpose vehicles (SPVs), bankers speculated. The Bond Market Association, for one, said it would be issuing an opinion statement as soon as the agencies begin a public comment period.

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