On April 7th, the SEC proposed amendments to Regulation AB and other rules regarding the offering process, disclosure and reporting for asset-backed securities. If adopted, the proposals would revise filing deadlines for ABS offerings to provide investors with more time to consider transaction-specific information; repeal the current credit ratings references in shelf eligibility criteria for asset-backed issuers and establish new shelf eligibility criteria that would include a requirement that the sponsor retain a portion of each tranche of the securities that are sold and a requirement that the issuer undertake to file Exchange Act reports on an ongoing basis so long as its public securities are outstanding; require that prospectuses for public offerings of ABS and ongoing Exchange Act reports contain specified asset-level information about each of the assets in the pool; require the filing of a computer program of the contractual cash flow provisions; and add new information requirements for the safe harbors for exempt offerings and resales of ABS. Comments should be submitted within 90 days after publication in the Federal Register, which is expected during the week of April 12. SEC Release No. 33-9117; Schapiro Remarks. Commissioner Troy A. Paredes endorsed many of the proposal's provisions but questioned whether a rigid risk retention percentage is the appropriate way to align the incentives of originators and sponsors with the interests of investors; questioned whether conditioning shelf eligibility on the receipt of periodic third-party opinion letters is practical; and questioned the treatment of private ABS offerings. Paredes Remarks. Commissioner Kathleen L. Casey similarly questioned the use of risk retention percentages and the treatment of private ABS offerings. Casey Remarks. Commissioner Louis A. Aguilar spoke in support of the proposal's treatment of private ABS offerings. Aguilar Remarks. See also Walter Remarks (expressing the hope that comments will include substantive responses to the questions posed by the proposing release).