Officials at the Securities and Exchange Commission see the final rule on disclosures recently issued by the federal regulator as bringing major changes to the non-agency mortgage-backed security market. However, whether issuers will offer non-agency MBS subject to the disclosure requirements is largely in the hands of investors that have been willing to buy securities not subject to the SEC’s standards. Beginning in 2017, issuers of publically registered non-agency MBS will have to disclose 270 data points, mostly at loan level. The disclosure requirements in the SEC’s Reg AB2 rule do not apply to 144A offerings, although some observers expect the SEC eventually to extend them to private placements.