3235-AL04 202310 The Regulatory Plan and the Unified Agenda of Federal Regulatory and Deregulatory Actions 3235 Securities and Exchange Commission SEC Prohibition Against Conflicts of Interest in Certain Securitizations

The Division is considering recommending that the Commission adopt a rule under the Securities Act to implement the prohibition under section 621 of the Dodd-Frank Act on material conflicts of interest in connection with certain securitizations. The proposed rules would prohibit, for a specified period, a securitization participant from engaging in any transaction that would result in a material conflict of interest between a securitization participant and an investor in the relevant asset-backed security.  As specified in section 621, the proposed rule would provide exceptions for risk-mitigating hedging activities, bona fide market-making activities, and liquidity commitments.

]]> Substantive, Nonsignificant Previously Published in The Unified Agenda Final Rule Stage Undetermined No 17 CFR 230 15 U.S.C. 77b 15 U.S.C. 77b note 15 U.S.C. 77c 15 U.S.C. 77d 15 U.S.C. 77f 15 U.S.C. 77g 15 U.S.C. 77h 15 U.S.C. 77j 15 U.S.C. 77r 15 U.S.C. 77s 15 U.S.C. 77z-3 15 U.S.C. 77sss 15 U.S.C. 78c 15 U.S.C. 78d 15 U.S.C. 78j 15 U.S.C. 78l 15 U.S.C. 78m 15 U.S.C. 78n 15 U.S.C. 78o 15 U.S.C. 78o-7 note 15 U.S.C. 78t 15 U.S.C. 78w 15 U.S.C. 78ll(d) 15 U.S.C. 78mm 15 U.S.C. 80a-8 15 U.S.C. 80a-24 15 U.S.C. 80a-28 15 U.S.C. 80a-29 15 U.S.C. 80a-30 15 U.S.C. 80a-37 Pub. L. 112-106, sec. 201(a), sec. 401, 126 Stat. 313(2012), unless otherwise noted ... Statutory Final 04/15/2011 Dodd-Frank Act requires final rules within 270 days of enactment No NPRM 09/28/2011 76 FR 60320 NPRM Comment Period End 12/19/2011 NPRM Comment Period Extended 12/16/2011 76 FR 78181 NPRM Comment Period Extended End 01/13/2012 NPRM Comment Period Extended 01/03/2012 77 FR 24 NPRM Comment Period Extended End 02/13/2012 Second NPRM 02/14/2023 88 FR 9678 Second NPRM Comment Period End 03/27/2023 Final Action 11/00/2023 Yes Businesses Undetermined Undetermined https://www.federalregister.gov/documents/2023/02/14/2023-02003/prohibition-against-conflicts-of-interest-in-certain-securitizations Yes No Rolaine Bancroft Division of Corporation Finance 3235 Securities and Exchange Commission SEC 202 551-3430 100 F Street NE, Washington DC 20549