Despite applauding the Securities and Exchange Commission for its efforts in developing standardized rules for ABS issuers, The Bond Market Association believes that further concessions are needed, the industry spokes group announced today. Certain aspects of the proposed rules, especially those on how static pool reporting relates to shelf registration, "need modification and clarification, as there are provisions that may be unduly burdensome, have unforeseen risks and consequences, or that may be unworkable," said TBMA Vice President and Assistant General Counsel, Nadine Cancell. To view the full document,  click here.

The SEC stipulates that issuers who are found non-compliant in reporting of static pool data would be forced to wait one year before filing a new shelf, even if the violations are corrected or waived.

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