1 Securities Practice Guide § 6.02

Summary

• [1] What Is Regulation AB?

  In December 2004 the Securities and Exchange Commission (SEC) adopted a comprehensive body of regulations (“Regulation AB”) to address comprehensively the registration, disclosure and reporting requirements for asset-backed securities under the Securities Act and the Securities Exchange Act. Regulation AB adopted a principles-based definition of the term “asset-backed security”, to demarcate the securities and offerings to which these regulations would apply. As originally adopted, Regulation AB required that all registered offerings of asset-backed securities be registered either on Form S-1 or Form S-3 and expanded the types of investment grade asset-backed securities that qualify for shelf registration. It adopted a new principles-based set of disclosure items that form the basis for disclosure in both Securities Act registration statements and Exchange Act reports. As regards communication during the offering process, Regulation AB codified and simplified ...