General Rules and Regulations
promulgated
under the
Securities Exchange Act of 1934
Rule 15d-23 -- Reporting Regarding Certain Secruities Underlying Asset-Backed
Securities Under Section 15(d) of the Act.
Regarding a class of asset-backed securities,
if the asset pool for the asset-backed securities includes a pool asset
representing an interest in or the right to the payments or cash flows
of another asset
pool, then no separate annual and other reports need be filed pursuant
to section 15(d) of the Act because of
the separate registration of the distribution of the pool asset under the
Securities Act , if the
following conditions are met:
Both the issuing entity for the asset-backed
securities and the entity that issued the pool asset were established under
the direction of the same sponsor and depositor;
The pool asset was created solely to
satisfy legal requirements or otherwise facilitate the structuring of
the asset-backed securities transaction;
The pool asset is not part of a
scheme to avoid the registration or reporting requirements of the Act;
The pool asset is held by the
issuing entity and is a part of the asset pool for the asset-backed
securities; and
The offering of the asset-backed securities
and the offering of the pool asset were both registered under the Securities
Act.
Paragraph (a) of this section does
not affect any reporting obligation applicable with respect to
the asset-backed securities or any other reporting obligation
that may be applicable with respect to the pool asset or any
other securities by the issuer of that pool asset pursuant to
section 12 or 15(d) of the Act.
This section does not affect any
obligation to provide information regarding the pool asset or the
asset pool underlying the pool asset in a filing with respect to
the asset-backed securities. See Item 1100(d) of Regulation AB (Rule 229.1100(d)
of this chapter).
Terms used in this section have the
same meaning as in Item 1101 of Regulation AB (Rule 229.1101 of this
chapter).
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