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SIFMA Applauds Decision By SEC On Asset-Backed Securities

Date 22/07/2010

The Securities Industry and Financial Markets Association (SIFMA) today issued the following statement from Richard Dorfman, managing director and head of SIFMA’s Securitization Group, on the SEC’s decision to issue a to issue a ‘no action’ letter allowing issuers for a period of 6 months to omit credit ratings from registration statements filed under Regulation AB.

“We applaud the SEC for their timely recognition of the unintended effect this provision in interaction with Reg AB had on the public ABS markets. The no-action letter will allow issuers, credit rating agencies and other market participants to conduct registered ABS offerings, avoiding the potential for negative impact on the availability of financing and to the U.S. economy. SIFMA will continue to act assertively and constructively to help ensure that our financial markets will be reformed knowledgably and effectively while continuing to serve American businesses, investors and families.”