Servicers Want Leniency on Reg AB Audit Requirement, But SEC Poised to Enforce Full Compliance Right Away
May 12, 2006
Many servicers of non-agency MBS and ABS may not be able to fully comply with the audit requirement of Regulation AB in time, but the industry is having a tough time getting the Securities and Exchange Commission to give any slack. Instead, the SEC appears set on full compliance from the get-go, although sources suggest that some members may be open to discussing the issue. Failing to meet Reg. AB’s tough standards could jeopardize a…