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Wall Street Groups Pan SEC’s ABS Draft Plan

Two major Wall Street trade groups have criticized a plan floated last month by U.S. regulators to force issuers to disclose more sensitive loan-level data to investors, saying it could make companies more vulnerable to lawsuits.

In a joint letter to the U.S. Securities and Exchange Commission late Friday, the two groups asked the regulator to scrap its asset-backed securities (ABS) draft plan and start fresh.

“We … urge the commission to re-propose the ABS releases, including the portion relating to asset-level disclosure,” wrote the Securities Industry and Financial Markets Association and the Financial Services Roundtable.

via Wall Street groups pan SEC’s asset-backed securities draft plan | Reuters.

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