Regulation AB consolidates and codifies existing interpretative, primarily
client
Client(s) or The Client may refer to:
* Client (business)
* Client (computing), hardware or software that accesses a remote service on another computer
* Customer or client, a recipient of goods or services in return for monetary or other valuable ...
-specific, positions that clarify
Securities Act of 1933
The Securities Act of 1933, also known as the 1933 Act, the Securities Act, the Truth in Securities Act, the Federal Securities Act, and the '33 Act, was enacted by the United States Congress on May 27, 1933, during the Great Depression and after ...
registration requirements for
asset
In financial accountancy, financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value ...
-backed
securities
A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...
offerings in the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
.
Regulation
Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context. For ...
AB:
* updates and clarifies the registration requirements for
ABS offerings under the Securities Act;
* provides disclosure guidance and requirements for filings involving ABS under the Securities Act and
Exchange Act;
* establishes a consistent servicing standard, used as the basis for measuring;
* requires an
accountant
An accountant is a practitioner of accounting or accountancy.
Accountants who have demonstrated competency through their professional associations' certification exams are certified to use titles such as Chartered Accountant, Chartered Certifi ...
's report for each servicer assertion.
References
United States securities law
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