SEC Announces Pilot Program for Issuers for Feedback on Test ABS Filings Requiring Asset-Level Data

Last Friday, April 29th, the U.S. Securities and Exchange Commission (“SEC”) announced an opportunity for issuers to receive feedback on test filings in preparation for ABS offerings that require asset-level data. Beginning on May 1st, issuers may request that SEC staff provide feedback on a test filing for compliance with the new rules, prior to the compliance date of November 23, 2016.

According to the SEC, this pilot program is intended to facilitate compliance with the asset-level rules in advance of the compliance date and will not be made available for public viewing.

Test filings received by July 15, 2016 will be eligible for staff feedback.

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