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The Journal of Structured Finance

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Implementation of Securitization Regulatory Reform

Jason H.P. Kravitt, Sairah Burki, Calvin Wong and Deborah Toennies
The Journal of Structured Finance Spring 2015, 21 (1) 83-91; DOI: https://doi.org/10.3905/jsf.2015.21.1.083
Jason H.P. Kravitt
is a senior partner at Mayer Brown LLP in New York, NY.
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  • For correspondence: jkravitt@mayerbrown.com
Sairah Burki
is a director at the Structured Finance Industry Group in Washington, DC.
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  • For correspondence: sairah.burki@sfindustry.org
Calvin Wong
is the chief credit officer at Morningstar Credit Ratings, LLC, in New York, NY.
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  • For correspondence: calvin.wong@morningstart.com
Deborah Toennies
is a managing director at JP Morgan Chase & Co. in Chicago, IL.
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  • For correspondence: debbie.a.toennies@jpmorgan.com
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Abstract

This panel was held on February 10 at the ABS Vegas 2015 Conference. This article summarizes topics discussed by the panel including implications of the “high-quality securitization” (HQS) standard proposed by European regulators, possible amendment of Regulation AB II to require asset-level disclosure for additional asset types, shelf-eligibility requirements in Reg AB II, dispute-resolution provisions in Reg AB II concerning breaches of warranty and other matters, and third-party due diligence reporting requirements in the new NRSRO (nationally recognized statistical rating organization) rules. Policy makers in Europe are hoping that developing a HQS label can mitigate some of the financial crisis stigma associated with securitization and allow for greater confidence in the market. But a key concern in the United States regarding a HQS framework is its potential “Scarlet Letter” effect, whereby deals that don’t receive the HQS label would, regardless of their actual quality or liquidity, necessarily become far less liquid. Another concern is that different regulatory treatment of HQS across jurisdictions could make it far more difficult to carry out simultaneous offerings of HQS in multiple jurisdictions. In the asset-level disclosure requirements in Reg AB II, regulators have attempted to balance investors' need for granular borrower and asset-level data with privacy concerns of issuers and obligors. Open questions related to the implementation of Reg AB II include whether dispute-resolution procedures should be pre-agreed and disclosed in the prospectus and the role of the asset representations reviewer for both mortgage and non-mortgage asset classes. Questions concerning the due diligence reporting requirements in the new NRSRO rules include the definition of “due diligence services,” who would be considered due diligence providers, and the scope of applicability.

TOPICS: Technical analysis, fixed income and structured finance

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The Journal of Structured Finance: 21 (1)
The Journal of Structured Finance
Vol. 21, Issue 1
Spring 2015
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Implementation of Securitization Regulatory Reform
Jason H.P. Kravitt, Sairah Burki, Calvin Wong, Deborah Toennies
The Journal of Structured Finance Apr 2015, 21 (1) 83-91; DOI: 10.3905/jsf.2015.21.1.083

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Implementation of Securitization Regulatory Reform
Jason H.P. Kravitt, Sairah Burki, Calvin Wong, Deborah Toennies
The Journal of Structured Finance Apr 2015, 21 (1) 83-91; DOI: 10.3905/jsf.2015.21.1.083
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  • Article
    • Abstract
    • THE HIGH-QUALITY SECURITIZATION CONCEPT
    • HQS—STRENGTHS, WEAKNESSES, DANGERS, EU AND U.S. INTERPLAY
    • HQS—WHERE IS THIS ALL GOING?
    • REG AB II—ASSET-LEVEL DISCLOSURE
    • DISPUTE RESOLUTION AND REG AB II
    • WILL REG AB II HELP PREVENT A REPEAT OF THE GLOBAL FINANCIAL CRISIS?
    • NRSRO RULES
    • FINAL INSIGHT
    • ENDNOTES
    • REFERENCES
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  • PDF (Subscribers Only)

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