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SEC Shelves Rules for Private Securities

New disclosure requirements for public asset-backed bonds exclude private securities; critics see it as 'a massive hole' in the rules.

By Jody Shenn, Dave Michaels, and Matt Robinson, Bloomberg | Updated on August 29, 2014

The U.S. Securities and Exchange Commission (SEC), while expanding disclosure requirements for one set of asset-backed securities, has stepped back from a plan to shed more light on a major part of the market.

On Wednesday, the five SEC commissioners unanimously approved a rule to offer investors more details on bonds backed by assets such as mortgages and car financing, including specific data on individual loans, and new practices such as a cooling-off period to review documents before certain bond sales.

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