On July 26, 2011, the Securities and Exchange Commission
(the "SEC") re-proposed rules (the "Re-Proposal") regarding new shelf
eligibility requirements for asset-backed securities ("ABS"). In April 2010,
the SEC had proposed rules that would revise the disclosure, reporting and
offering process for ABS (the "2010 Proposal"), and the Re-Proposal is being
made in light of changes mandated by the Dodd-Frank Wall Street Reform and
Consumer Protection Act3 (the "Dodd-Frank Act") as well as to address certain
comments that the SEC received on the 2010 Proposal.
Specifically, the Re-Proposal for ABS shelf eligibility
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