On April 28, 2016, the SEC released Compliance and Disclosure Interpretations (C&DIs) regarding the filing of asset-level disclosures on Form ABS-EE for asset-backed securities (ABS) under Regulation AB II (Reg AB II) (see Legal Update, SEC Adopts Enhanced Offering and Disclosure Rules for Registered ABS and Practice Note, Regulation AB II). Beginning on November 24, 2016, Under the Reg AB II, ABS issuers making initial offerings will need to provide the SEC with enhanced asset-level disclosure on new Form ABS-EE (see Practice Note, Regulation AB II: Compliance Dates).

The release includes nine detailed answers to questions that provide further information on Form ABS-EE filings. These questions provide details on timing, data that must be included, and how to present that data.

On April 29, 2016, the SEC announced that issuers of ABS can submit test filings of disclosure forms with the SEC before enhanced reporting requirements take effect in November. The test period extends from May 1, 2016 through July 15, 2016. Issuers can request feedback from SEC staff on a test filing for compliance with the new rules.

Test filings should follow regular filing procedure when submitting test Form ABS-EE and must include:

In order to receive feedback, filers must email [email protected] on the same date as the test filing and indicate:

SEC feedback generally will be provided within two weeks of receipt of a review request and will not be made available for public viewing. By providing feedback for test filings, the SEC is intending to facilitate compliance with the asset-level rules in advance of the compliance date. After the test period ends, the SEC will continue to monitor Form ABS-EE filings for compliance with new rules.