Securities Lawyer's Deskbook                          published by The University of Cincinnati College of Law

Rule 426 -- Filing of Certain Prospectuses and Communications under Rule 167 in Connection with Certain Offerings of Asset-Backed Securities.

---

1. All written communications made in reliance on Rule 167 are prospectuses that must be filed with the Commission in accordance with paragraphs (b) and (c) of this section on Form 8-K (Rule 249.308 of this chapter) and incorporated by reference to the related registration statement for the offering of asset-backed securities. Each prospectus filed under this section must identify the Commission file number of the related registration statement on the cover page of the related Form 8-K in addition to any other information required by that form. The information contained in any such prospectus shall be deemed to be a part of the registration statement as of the earlier of the time of filing of such information or the time of the filing of the final prospectus that meets the requirements of section 10(a) of the Act (15 U.S.C. 77j(a)) relating to such offering pursuant to Rule 424(b).
   
   
2. Except as specified in paragraph (c) of this section, ABS informational and computational material made in reliance on Rule 167 that meet the conditions in paragraph (b)(1) of this section must be filed within the time frame specified in paragraph (b)(2) of this section.
   
   
   1. Conditions for which materials must be filed. The materials are provided to prospective investors under the following conditions:
      
      
      1. If a prospective investor has indicated to the issuer or an underwriter that it will purchase all or a portion of the class of asset-backed securities to which such materials relate, all materials relating to such class that are or have been provided to such prospective investor; and
         
         
      2. For any other prospective investor, all materials provided to such prospective investor after the final terms have been established for all classes of the offering.
         
         
   2. Time frame to file the materials. The materials must be filed by the later of:
      
      1. The due date for filing the final prospectus relating to such offering that meets the requirements of section 10(a) of the Act pursuant to Rule 424(b); or
         
         
      2. Two business days after first use.
         
         
3. Notwithstanding paragraphs (a) and (b) of this section, the following need not be filed under this section:
   
   
   1. ABS informational and computational material that relate to abandoned structures or that are furnished to a prospective investor prior to the time the final terms have been established for all classes of the offering where such prospective investor has not indicated to the issuer or an underwriter its intention to purchase the asset-backed securities.
      
      
   2. Any ABS informational and computational material if a prospectus that meets the requirements of section 10(a) of the Act relating to the offering of such asset-backed securities accompanies or precedes the use of such material.
      
      
   3. Any ABS informational and computational material that does not contain new or different information from that which was previously disclosed and filed under this section.
      
      
   4. Any written communication that is limited to the information specified in Rule 134, 135 or 135c.
      
      
   5. Any research report used in reliance on Rule 137, 138, 139 or 139a.
      
      
   6. Any confirmation described in Rule 240.10b-10 of this chapter.
      
      
   7. Any prospectus filed under Rule 424.
      
      
   8. Any free writing prospectus used in reliance on Rule 164 and Rule 433.
      
      
4. Terms used in this section have the same meaning as in Item 1101 of Regulation AB.
   
   

	Notice to Users: The Deskbook is made available with the understanding that the University of Cincinnati College of Law is not engaged in rendering legal, accounting or other professional services. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. See Terms and Conditions of Use.   © Copyright 1998-2008, University of Cincinnati, All Rights Reserved  Contact: ronald.jones@uc.edu