WASHINGTON, May 19, 2025 – 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 provides limited relief from enforcement action under Rule 192.
Earlier this year, five financial trade associations including the Structured Finance Association asked the SEC to reconsider and delay the implementation of the rule because their members were facing significant challenges designing policies and procedures to comply with it due to its broad and unclear wording. The letter stated that the associations’ members “cannot systematically filter all potential conflicted transactions across their global institutions.”
“On behalf of the entire securitization industry, the Structured Finance Association applauds this announcement from the SEC,” said SFA CEO Michael Bright. “This relief will make compliance with broadly defined “conflicted transactions” much more manageable for securitization participants, but no less effective for investors in asset-backed securities. We made clear to the SEC our industry’s difficulty in complying with this rule, and we are grateful that the Commission was responsive to our concerns.”
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, SFA