SFA Responds to SEC: Cybersecurity Disclosure Proposal Must Recognize Differences in ABS

On May 9, SFA submitted a comment letter in response to the SEC’s request for comments on their cybersecurity disclosure proposal. In our letter, SFA highlights that the proposal is focused almost exclusively on corporate registrants, ignoring extensive fundamental and technical differences between the potential impact of cybersecurity risks and incidents on investors in corporate securities versus ABS. Because of this, we recommended that the SEC propose tailored rules for asset-backed issuers that are appropriately aligned with the SEC disclosure and reporting framework for ABS as well as the relevant risks to ABS investors. This will give ABS market stakeholders an opportunity to provide public comment on those re-proposed rules.  Read more.