WASHINGTON, November 26, 2024 – The Structured Finance Association, a leading trade association representing the structured finance and securitization industry, welcomes the Securities and Exchange Commission’s no-action letter that extends relief from enforcement action under Rule 15c2-11 for certain fixed-income products, including asset-backed securities.
“On behalf of the entire securitization industry, the Structured Finance Association applauds this announcement from the SEC ,” said SFA CEO Michael Bright. “We made clear to the SEC that our members have deep concerns that unintended consequences of this rule, if applied to asset-backed securities, would diminish market liquidity, and hurt investors. The informational requirements of the rule are not materially relevant to asset-backed securities, and in many cases, it would not be possible for broker-dealers to comply with these requirements.”
About the Structured Finance Association:
With more than 370 member institutions comprised of accounting firms, broker/dealers, diversified financial intermediaries, investors, issuers, IT vendors, law firms, mortgage insurers, other small financial institutions, rating agencies, servicers, and trustees, SFA is the leading voice for the securitization industry.
SFA is focused on helping grow the real economy and improving the lives of individuals, families, businesses, and communities across the nation; helping make credit more affordable and available to people who need it to finance some of life’s biggest goals — education, car purchases, starting a business, buying a home — or reduce their debt through consolidation loans; safeguarding essential protections for consumers and the financial system; facilitating valuable dialogue among the financial services market, its practitioners, policymakers and the broader public; and recognizing that all finance entails risk, but it should not involve recklessness.
For inquiries, please contact Walt Cronkite, Director of Communications at the Structured Finance Association. Walt.Cronkite@StructuredFinance.org
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