RegAlert2025-05-09
Added · Updated
SEC Division of Corporation Finance no-action letter: SIFMA et al.
The Staff of the Division of Corporation Finance will not recommend enforcement action against a Securitization Participant for transactions involving Non-Deal Team Employees that would otherwise violate paragraph (a)(3)(iii) of Rule 192 under the Securities Act of 1933. This relief applies if the Securitization Participant maintains written policies and procedures reasonably designed to prevent coordination between ABS Deal Teams and Non-Deal Team Employees and to restrict access to Restricted ABS Information. The protection is contingent on the absence of such coordination or information access and the determination that the individuals were not part of a plan to evade the rule's prohibitions.
SEC published 7 documents in the last 30 days — get each new one by email the day it lands.
May 9, 2025
VIA ELECTRONIC MAIL
Kayla M. Roberts
Acting Chief, Office of Structured Finance
Securities and Exchange Commission
100 F Street NE
Washington, DC 20549-1090
Re: Request for Rule 192 No Action Relief
Dear Acting Chief Roberts:
SIFMA, SFA, LSTA, CREFC, and the Bank Policy Institute (collectively, the “Associations”) are seeking no action relief from the Staff of the Division of Corporation Finance (the “Staff”) of the Securities and Exchange Commission (the “Commission”) regarding compliance with paragraph (a)(3)(iii) of Rule 192 (the “Rule 192” or the “Rule”) under the Securities Act of 1933, as amended (the “Securities Act”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Rule. In particular, we respectfully request that the Staff not recommend enforcement action to the Commission for any transaction under paragraph (a)(3)(iii) of Rule 192 where the applicable Securitization Participant has adopted the policies and procedures described in “Requested Relief” below. This no action relief will benefit market participants, including our respective members (our “Members”), by providing a clear path to compliance with paragraph (a)(3)(iii) of Rule 192, consistent with the Commission’s goals. BACKGROUND On November 27, 2023, the Commission adopted final Rule 192 prohibiting certain conflicts of interest in securitization transactions, as mandated by Congress to implement the prohibition in Securities Act Section 27B1 which was added by Section 621 of the Dodd-Frank 1 15 U.S.C. 77z-2a.
Read the rest free, and get an email when SEC publishes again
Lineage: In force
Source: Securities and Exchange Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
More like this from SEC
SEC published 7 documents in the last 30 days. We email you each new one the day it's published.