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Regulation AB Item 1122 FAQ's
1 What kind of asset types are affected by Regulation AB?
2 The final ruling put forth by the SEC for Regulation AB is a very large and complex document; what specific items should servicers be concerned with?
3 What is Regulation AB Item 1122?
4 What are some of the most important elements of Regulation AB Item 1122 and 1123 that servicers should be concerned about?
5 What exactly is Regulation AB Item 1122 servicing criteria?
6 What is the definition of a servicer for purposes of Regulation AB?
7 I'm more familiar with the USAP, which we've had conducted for years, will it suffice for the new Regulation AB Item 1122 servicing criteria?
8 Are servicers allowed to change or modify the servicing criteria of Regulation AB Item 1122?
9 Does this mean that servicers should expect to spend a considerable amount of time in becoming compliant with the new Regulation AB Item 1122 servicing criteria standards?
10 What is the meaning of "platform level" assessment and why is this critical to Item 1122?
11 What is the timeframe for Item 1122 compliance and what time periods does it cover?
12 What will happen to the USAP?
13 What are the requirements for servicers that service 5% or less of the pool assets?
14 For servicers that service 5% or less of the pool assets, should we expect to become Regulation AB Item 1122 compliant?
15 As a servicer, we do not perform the entire servicing function. How does this impact Item 1122 requirements for us and other servicers involved in the servicing function?
16 What is Regulation AB Item 1123?
17 What is Regulation AB Item 1108?
18 As a servicer, are there any provisions or penalties for not being Item 1122 compliant?
19 Much has been written regarding Regulation AB Items 1122 and 1123. What exactly are servicers required to produce and submit for Form 10-K filings?
20 Is there a sequential order to begin these activities that will ultimately ensure the above three mentioned (3) deliverables are produced in a manner that meets the demands of Regulation AB?
21 What are the requirements for private securitizations with regards to Regulation AB?
22 What type of CPA firm will provide these consulting and attest functions for servicers?
The information contained herein is general in nature and is based on authorities that are subject to change. It is not intended, and should not be construed, as legal, accounting, or tax advice, or as an opinion provided (expressed or implied) by NDB LLP to the reader or any other person. This material may not be applicable to, or suitable for, the specific circumstances or needs, and may require consideration of legal, regulatory compliance, non-tax, or tax factors. Contact NDB LLP for engagement and a consultation prior to taking any action based upon this information or other marketing information. NDB LLP assumes no obligations to inform the reader of any changes in SEC legislation/regulations or tax laws or other factors that could affect the information contained herein.
Regulation AB Information Portal
View the Securities and Exchange Commission's (SEC) final ruling on Regulation AB; a comprehensive document that has brought about significant changes to the ABS Market.
A discussion and anlysis of all 24 regulation AB Items, ranging from Item 1100 to Item 1123.