ABS: Exchange Act Reporting

Exchange Act reporting for ABS issuers

Summary

SEC commentary

Final release 33-8518 2005

Proposal release 33-8419 2004

Modified Form 10-K annual reports

Most 10-K items are inapplicable
Instead, specified Regulation AB items apply
Final release 33-8518 2005

Form 10-D

Specialized form for ABS issuers
Periodic distribution information
Updated pool information
Final release 33-8518 2005

Form 8-K

Significant events
ABS specific events

Servicing compliance assessment

Servicers must file an assessment of compliance with servicing obligations
Auditor provides a related attestation
Filed as Form 10-K exhibits

Modified "SOX Act" certification

Codifies modified procedures for ABS issuers
Final release 33-8518 2005

Deregistration

ABS issuer's 15(d) reporting obligations automatically will be suspended ...

On first day of fiscal year after the year in which the Securities Act registration statement became effective
Form 15 is required to be filed for notice purposes

... if held by less than 300 record holders
Exchange Act Section 15(d) and Rule 12h-3

SEC Rules

ABS Reports on Form 10-D Rules 13a-17and 15d-17

Modified Form 10-K

Per General Instruction J

Specified 10-K items can be omitted
Specified Regulation AB items must be included
On cover page, must include names of

Issuing entity
Depositor
Sponsor

Modified signature requirements

Required 10-K Items

Item 9B - Form 8-K information
Executive Officers / Directors

Omitted, if the issuing entity does not have any;
Else include
Item 11 - Executive compensation
Item 12 - Security ownership
Item 13 - Related party transactions

Item 15 - Exhibits

Required Regulation AB Items

Form 10-K Instructions (General)

When due
SEC general rules
Preparation requirements

Incorporation by reference

General Instruction G

Form 10-D

Form

LawyerLinks Advantage Version
SEC Website PDF

Distribution and pool performance Item 1

AB 1121

Legal proceedings Item 2

AB 1117

Sales of securities; Use of proceeds Item 3

Form 10-Q: Part II: Item 2

Defaults upon senior securities Item 4

Form 10-Q: Part II: Item 3

Results of security holder vote Item 5

Form 10-Q: Part II: Item 4

Significant obligors of pool assets Item 6

AB 1112(b)

Significant enhancement provider information Item 7

Other information Item 8

Exhibits Item 9

Modified Form 8-K

General Instruction G

Specified 8-K items are inapplicable
Specified Regulation AB items must be included
On cover page, must include names of

Issuing entity
Depositor
Sponsor

Modified signature requirements

Required 8-K Items General

1.01 Entry into a Material Definitive Agreement
1.02 Termination of a Material Definitive Agreement
1.03 Bankruptcy or Receivership
2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
3.03 Material Modification to Rights of Security Holders
5.03 Amendments to Articles of Incorporation or Bylaws;
Change in Fiscal Year
7.01 Regulation FD
8.01 Other events
9.01 Financial statements and Exhibits

ABS Specific

6.01 ABS Informational and Computational Material

See ABS Informational Material

6.02 Change of Servicer or Trustee

See ABS Informational Material

6.03 Change in Credit Enhancement or Other External Support
6.04 Failure to Make a Required Distribution
6.05 Securities Act Updating Disclosure

Incorporation by reference

When due
SEC general rules
Preparation requirements

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