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SEC RIN: 3235-AL04 Publication ID: Fall 2023 
Title: Prohibition Against Conflicts of Interest in Certain Securitizations 
Abstract:

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.

 
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: 17 CFR 230   
Legal Authority: 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    ...   
Legal Deadline:
Action Source Description Date
Final  Statutory  Dodd-Frank Act requires final rules within 270 days of enactment  04/15/2011 
Timetable:
Action Date FR Cite
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 
Regulatory Flexibility Analysis Required: Yes  Government Levels Affected: Undetermined 
Small Entities Affected: Businesses  Federalism: Undetermined 
Included in the Regulatory Plan: No 
RIN Information URL: https://www.federalregister.gov/documents/2023/02/14/2023-02003/prohibition-against-conflicts-of-interest-in-certain-securitizations  
RIN Data Printed in the FR: Yes 
Agency Contact:
Rolaine Bancroft
Division of Corporation Finance
Securities and Exchange Commission
100 F Street NE,
Washington, DC 20549
Phone:202 551-3430