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ASF Responds To FDIC’s Newly Issued Notice of Proposed Rulemaking Regarding Safe Harbor
News Release
May 11, 2010
New York, NY—The Executive Director of the American Securitization Forum (ASF) Tom Deutsch today released the following statement in response to the FDIC’s Notice of Proposed Rulemaking regarding safe harbor in the event of a bank failure.
“ASF very much supports the FDIC’s goals to help restore securitization and the flow of credit to American businesses and consumers. We look forward to a full evaluation of today’s NPR and working with the FDIC through the comment process to achieve our mutual goals. We also are encouraged to hear that the FDIC has committed to continue working closely with the SEC with their Reg AB NPR to ensure a level playing field for banks and non-banks. The ASF appreciates the FDIC's modification of certain aspects of its previous proposals with respect to their safe harbor, but today's NPR still contains some proposals that would create significant uncertainty for securitization investors as to whether the safe harbor has been achieved. Investors need a clear bright line which establishes application of the safe harbor, thereby providing them the certainty to invest in new securitizations and generating sorely needed credit to American businesses and consumers.”
The ASF will hold a Sunset Seminar on May 12, 2010 during which panelists will provide a first look at proposals contained in the NPR and seek to address many of the industry's concerns and questions regarding the effect the NPR will have on the securitization industry. The Seminar will be held from 5:30-7 PM (ET) at the offices of Cadwalader, Wickersham & Taft LLP at One World Financial Center. To register for the Sunset Seminar, please click here:
https://mbrservices.net/ConferenceRegistration/MeetingRegistration.aspx?meetingid=625
The American Securitization Forum is a broad-based professional forum through which participants in the U.S. securitization market advocate their common interests on important legal, regulatory and market practice issues. ASF members include over 350 firms, including issuers, investors, servicers, financial intermediaries, rating agencies, financial guarantors, legal and accounting firms, and other professional organizations involved in securitization transactions. The ASF also provides information, education and training on a range of securitization market issues and topics through industry conferences, seminars and similar initiatives. For more information about ASF, its members and activities, please go to www.americansecuritization.com.
Media Contact: Jon Teall, jteall@teallassociates.com, 212.317.8296