CREFC Submits Response to SEC ABS Concept Release
December 9, 2025
On December 1, CREFC submitted its response to the Securities and Exchange Commission's (SEC) Concept Release on RMBS Disclosures and Enhancements to ABS Registration.
Although the SEC’s primary focus in the Release was on the RMBS market, we appreciated the opportunity to comment on aspects of ABS registration and reporting regimes.
Most of our recommendations focused on reporting and disclosure requirements applicable to registered conduit CMBS:
- Restore automatic suspension of Section 15(d) reporting obligations for registered CMBS held of record by less than three hundred persons.
- Change the cadence of significant obligor financial disclosures to reduce undue reporting burden.
- Conform the reporting requirements on Schedule AL to existing disclosure requirements in Item 1111.
- Clarify the date of first use of a Registered ABS prospectus described in Rule 424(b).
We also suggested other regulatory improvements that better reflect current market realities:
- Reduce the five-business day waiting period under Rule 15Ga-2 relating to the filing of third-party due diligence reports prior to pricing.
- Revise Rule 17g-5 to remove the requirement that information provided to an NRSRO rating an Exchange Act ABS be posted to a website. (As noted in a previous CREFC Policy & Capital Markets Briefing, on November 12, we submitted to the SEC a 17g-5 Petition for Rulemaking.)
CREFC welcomes the opportunity to engage with the SEC on its work to rationalize the ABS regulatory framework and better align it with today’s markets. We also note that the Concept Release is likely the opening phase of a longer rulemaking effort.
Please contact
Sairah Burki (
sburki@crefc.org) with questions.