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Regulation AB Item 1122 Readiness Assessment
One of the most critical aspects of ensuring Item 1122 compliance for servicers is ensuring that organization's have a fundamental understanding of the time, resources, and scope involved in an engagement of this type. NDB's Regulation AB Item 1122 Readiness Assessment will provide organizations with the knowledge and understanding to ultimately move forward with 1122 compliance. Included in our Scoping and Readiness Assessment are the following three phases and related activities:
Analysis and Discussion: NDB will meet with your organization to conduct a roundtable workshop for educating and preparing all employees on the various aspects of Regulation AB and on the specific criteria for Item 1122. Key personnel will be identified during this phase and both parties will move forward in a collaborative manner in preparing to conduct a more in-depth and substantive discussion regarding the organization's control environment as it pertains to Item 1122.
Examination of Servicing Environment: NDB will use our proprietary Regulation AB Item 1122 Readiness Assessment templates along with the servicer's internal documents and begin an in-depth analysis of Item 1122 controls. Our templates have been developed to mirror the requirements as set forth in the four primary areas of servicer criteria as outlined in the final Regulation AB pronouncement.
Summary of Findings: NDB will prepare and deliver a Regulation AB Item 1122 Gap Analysis report, detailing the servicing environment as it pertains to Item 1122 compliance. The Gap Analysis will serve as a blueprint and roadmap for working towards compliance by identifying and discussing three critical areas within your organization: (1) A listing of all minimum servicing criteria that should be in place for Item 1122 compliance (2) A listing of all criteria that are currently in place for the servicer and (3) a Gap of which areas (i.e., servicing criteria and related controls) that are missing or need remediation.
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.