SEC Updates Compliance & Disclosure Interpretations

On November 3rd, the U.S. Securities and Exchange Commission (SEC) published an update to its Compliance & Disclosure Interpretations (C&DIs) relating to ABS-EE filings in connection with new requirements under Regulation AB II that issuers of registered offerings provide asset-level data. The SEC supplemented the C&DI by adding questions 10-13 to the interpretive guidance.  

The SEC also posted an announcement that filers may now submit test filings of Form ABS-EE up to a maximum file size of 600 MB, and that the SEC expects to update the maximum file size limit for live filings in a future EDGAR release.

In April 2016 the SEC announced an opportunity for issuers to receive feedback on test filings in preparation for ABS offerings that require asset-level data. Since May 1, 2016, issuers have been able to request that SEC staff provide feedback on a test filing for compliance with the new rules, prior to the approaching compliance date of November 23, 2016.

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