Four years after changes were first proposed, the Securities and exchange Commission adopted new rules on Wednesday that govern the disclosure, reporting, and offering process for certain publicly traded asset-backed securities, including auto. Under the new rules, companies that issue ABS will have to file SEC reports disclosing loan data that includes, among other things, credit scores and borrower debt levels. The SEC will make the reported information public. “We are evaluating the new regulations to determine what changes to our operations may be required,” David Wargin, a spokesman at rating agency Standard & Poor’s, told Auto Finance News. Through early August, $60 billion of auto loans and leases had been securitized.
