While the securitization markets did not get the bifurcation of single-party certification initially sought, a minor victory was won in the newly released revisions to the Sarbanes-Oxley Act. The statement, released Feb. 21, now includes a provision allowing for indemnification to whichever entity - depositor, servicer or trustee - acts as the single-party certifier on documents filed with the Securities & Exchange Commission.

The addition of a reasonable-reliance provision to the staff guidance means that none of the aforementioned parties involved in a particular securitization will have to certify the validity of information provided by another. The specific form of indemnification was not specified, but the SEC said "it does not object to parties obtaining back-up certifications from the unaffiliated parties on which it is relying."

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