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SEC

RIN: 3235-AK96

Publication ID: 2012

Title: Credit Risk Retention
Abstract: The Federal banking agencies, the Commission, and, in the case of securitization of any "residential mortgage asset," the Secretary of Housing and Urban Development and the Federal Finance Agency (collectively the "Agencies"), are required by section 941 of the Dodd-Frank Act to jointly prescribe regulations on risk retention in offerings of asset-backed securities. The joint regulations proposed by the Agencies would meet the Act's requirement that securitizers of asset-backed securities retain not less than 5 percent of the credit risk for any asset that is transferred, sold, or conveyed through the issuance of an asset-backed security by the securitizer. Pursuant to section 941, the proposed joint regulations would implement the Act's mandate that asset-backed securities collateralized by qualified residential mortgages, as defined in such joint regulations, be exempt from risk retention. In accordance with the Act, the joint regulations would provide that asset-backed securities collateralized by certain assets that meet specified underwriting standards, as prescribed by the Federal banking agencies, may have less than 5 percent risk retention.
Agency: Securities and Exchange Commission(SEC)	Priority: Substantive, Nonsignificant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Final Rule Stage
Major: Undetermined	Unfunded Mandates: No
CFR Citation: Not Yet Determined (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: PL 111-203, sec 941 15 USC 78o-11

Legal Deadline:

Action	Source	Description	Date
Final	Statutory	The Dodd-Frank Act requires adoption of final rules 270 days after enactment.	04/15/2011

Timetable:

Action	Date	FR Cite
NPRM	04/29/2011	76 FR 24090
NPRM Comment Period End	06/10/2011
NPRM Comment Period Extended	06/10/2011	76 FR 34010
NPRM Comment Period Extended End	08/01/2011
Final Action	01/00/2013

Regulatory Flexibility Analysis Required: No	Government Levels Affected: Undetermined
Federalism: Undetermined
Included in the Regulatory Plan: No
RIN Information URL: www.gov.sec/rules/proposed/2011/34-64148.pdf
RIN Data Printed in the FR: No
Related Agencies: Joint: HUD, FHFA;
Agency Contact: Arthur Sandel Division of Corporation Finance Securities and Exchange Commission 100 F Street NE, Washington, DC 20549 Phone:202 551-3783