The U.S. Securities and Exchange Commission (SEC) adopted Regulation AB to govern registration, disclosure and periodic reporting for public offerings of asset-backed securities (ABS), which have since become a multi-trillion dollar market and played a role in the credit crisis.
Not surprisingly, asset-backed securities appear frequently in credit crisis-related litigation. Yet Regulation AB is virtually absent from the complaints and judicial decisions concerning ABS. Only recently has it returned to the front lines as the SEC considers revisions to this comprehensive regulation.
