In response to the Accounting Reform and Investor Protection Act being signed into law July 30, law firm Thacher, Proffitt & Wood issued a response noting that the impact of the legal changes is uncertain to benign but a pair of studies may lead to some changes within the industry.

The immediate legal changes - Exchange Act Reporting and Disclosure of Balance-Sheet Transactions - are not seen drastically changing the operations of most ABS issuers in the near term. In particular, the Exchange Reporting Act poses little threat to issuers, while it is too early to tell the effect of the new regulations regarding disclosure of off-balance-sheet transactions, TPW states.

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