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As part of what is expected to be a wave of proposed rulemaking under The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"), the Securities and Exchange Commission (the "SEC") issued proposed rules to implement the provisions of Section 945 and a portion of Section 932 of the Act (the "Proposed Rules"). Section 945 of the Act added Section 7(d) to the Securities Act of 1933, as amended (the “Securities Act”), directing the SEC to issue rules requiring an issuer of asset-backed securities ("ABS") to perform a review of the assets underlying an ABS offering and disclose the nature of that review. Section 932 of the Act added Section 15E(s)(4)(A) to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which requires an issuer or underwriter of ABS to make publicly available the findings and conclusions of any third-party due diligence report obtained by the issuer or underwriter. https://www.cadwalader.com/resources/clients-friends-memos/sec-proposes-new-rules-regarding-diligence-and-disclosure-in-abs-offerings