The SEC is soliciting comments on whether the current framework for asset-backed securities registration and reporting is serving the needs of today’s securitization market.
By Matt Hays and Rolaine Soril Bancroft
Key Points:
- Since the 2014 adoption of asset-level disclosure requirements, there has not been a single public offering of residential mortgage-backed securities. Market participants have cited these requirements as a key barrier to the return of the public securitization market.
- New and expanding types of asset-backed securities have prompted the SEC to assess whether the existing framework for registration and reporting is serving the needs of the securitization market today. Due to nuances in the existing regulations, some securitizations cannot readily access the public markets and have stayed in the private markets.
On September 26, 2025, the Securities and Exchange Commission (SEC) published a concept release to solicit comments on whether to amend the asset-level disclosure requirements for residential mortgage-backed securities (RMBS) and whether to revise the definition of “asset-backed security” (ABS) and other definitions in Regulation AB. The SEC is considering taking steps to expand issuer and investor access to the registered asset-backed securities markets and facilitate enhanced capital formation and liquidity while maintaining investor protections.
The concept release, which is a rare invitation for public input that will inform the development of a formal proposed rulemaking, includes 39 questions for public consideration (many multi-part), covering everything from market practice in Rule 144A transactions to the feasibility and materiality of specific asset-level data points, privacy concerns, and the harmonization of ABS definitions.
For more details, including specific areas of SEC interest and industry considerations, see our Client Alert.