3235-AK96 201210 The Regulatory Plan and the Unified Agenda of Federal Regulatory and Deregulatory Actions 3235 Securities and Exchange Commission SEC Credit Risk Retention 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. Substantive, Nonsignificant Previously Published in The Unified Agenda Final Rule Stage Undetermined No Not Yet Determined PL 111-203, sec 941 15 USC 78o-11 Statutory Final 04/15/2011 The Dodd-Frank Act requires adoption of final rules 270 days after enactment. No 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 No Undetermined www.gov.sec/rules/proposed/2011/34-64148.pdf No No 2500 Department of Housing and Urban Development HUD Joint 2590 Federal Housing Finance Agency FHFA Joint Steven Gendron 3235 Securities and Exchange Commission SEC 202 551-3783 100 F Street NE, Washington DC 20549