The SEC has re-opened the comment period on two releases, Asset-Backed Securities, Securities Act Release 33-9117 (proposed on April 7, 2010) and Re-Proposal of Shelf Eligibility Conditions for Asset-Backed Securities, Securities Act Release 33-9244 (proposed on July 26, 2011), in order to permit interested persons to comment on an approach for the dissemination of potentially sensitive asset-level data. In its earlier releases, the SEC proposed that issuers of most classes of asset-backed securities publicly file information about each asset in the pool in a standardized tagged data format. This raised concerns among industry participants regarding the privacy of data pertaining to the relevant underlying obligors. The SEC tried to address these concerns by, among other things, not requiring disclosure of certain identifying information, but commenters to the proposed rule still expressed privacy concerns. The SEC is now considering an approach that will require issuers to make asset-level information available to investors and potential investors through the issuer’s website. For further details, please see here for the Proposed Rule and here for the memorandum explaining the SEC staff’s approach to disclosure of asset-level data that is included in the public comment
file. The SEC has extended the comment deadline from March 28, 2014 to April 28, 2014, as discussed here.