On October 13, the SEC proposed new rules, as required by the Dodd-Frank Act, with respect to an issuer's review of assets in ABS offerings. The SEC proposed: (i) a requirement that any issuer registering an offering or sale of ABS performs a review of the underlying assets, (ii) amendments to Item 1111 of Reg AB requiring an ABS issuer to disclose the nature of its review of the underlying assets and its findings and conclusions, and (iii) a requirement that issuers or underwriters of ABS disclose information as to third-party due diligence providers. Comments on the proposed rules should be submitted by November 15. SEC Proposed Rule.