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Regulation Ab Reporting Requirements

Paragraph 1108 requires an issuer to provide information on each party, including third-party providers, that meets the definition of a service provider (i.e. participates in the management or collection of pool assets or makes allocations or distributions to holders of asset-backed securities) and satisfies the 20 % threshold criterion. However, the required disclosure only extends to disclosure documents on the service function that the contractual partner performs for the pool assets. For example, some of the disclosure requirements for a senior manager, such as payment service experience for a particular asset type, may not be important for a third-party provider that exclusively provides P.O. Box functionality for payments received for 100% of assets in the asset pool. As a result, disclosure under each class of information may not be required for each service provider. [12/09/14] (Reg AB Telephone Interpretation 6.01) (2) If the pooled assets of a significant debtor represent 20% or more of the asset account, financial statements shall be submitted that meet the requirements of sections 210.1-01 to 210.13-02 (Regulation S-X) of this chapter, except sections 210.3-05 (rule 3-05) and 210.11-01 to 210.11-03 (section 11 of regulation S-X) of this chapter, of the debtor. The accounts of such a debtor and its consolidated subsidiaries (pursuant to section 240.14a-3(b) of this chapter) are deposited under this item. (b) Asset-backed issuer means an issuer whose reporting obligation arises either from the registration of an offering of asset-backed securities under the Securities Act or from the registration of a class of asset-backed securities pursuant to Section 12 of the Exchange Act (15 U.S.C.

78l). The amendments to the AB Regulation require, inter alia, asset-level disclosure for offers of asset-backed securities secured by residential mortgages, commercial mortgages, motor loans, car leases and debt securitisations (including re-securitisations). The asset-level data requirements apply only to securitisations for which the first bona fide offer is made on or after 23 November 2016. A registrant who makes an initial offer in good faith on or after November 23, 2016 must disclose the asset-level information in accordance with the requirements of Regulation AB in the prospectus at the time of the offering and thereafter on an ongoing basis at each Form 10-D filing. Securitisations for which offers are made before November 23, 2016 are not required to disclose assets in the prospectus or on an ongoing basis with each Form 10-D. [16.09.15] (ii) The pool assets were created solely to satisfy legal requirements or otherwise facilitate the structuring of the asset-backed securities business. (ii) That third party or the entity consolidating the third party filed all reports and other documents required to be filed in accordance with these requirements within the preceding 12 months (or any shorter period during which that party was required to file such reports and documents). The service test set out in section 1122(d)(3)(i) requires an assessment of whether “transfers to investors, including those to be submitted to the Commission, are maintained in accordance with the settlement agreements and applicable requirements of the Commission”. The application of this criterion, as of any other criterion referred to in point 1122(d), depends on the role of the customer concerned.

This criterion refers to the service activity of compiling and aggregating information and submitting or providing timely reports, which, depending on the role of the repairer, may or may not include the preparation of the underlying calculations. For example, if service provider A calculates the cascade and manager B compiles and submits Forms 10-D to the Commission but does not calculate the cascade, point 1122(d)(3)(i) only requires an assessment by service provider B in respect of the cascade to determine whether the information on the amount of distributions provided to service B by agent A, were duly registered and filed in a timely manner on Form 10-D. It does not require Agent B to assess whether Manager A has correctly calculated the information he has provided to Service B. Other criteria set out in point 1122(d) determine the assessment of the information contained in the reports by the service provider concerned. For example, Provider A will evaluate the cascade calculation in accordance with the following subsection of point 1122(d)(3), point 1122(d)(3)(ii) in its own report on the assessment of compliance with the maintenance criteria.