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In 2005, the Securities and Exchange Commission (the “SEC”) adopted Regulation AB, which for the first time established a tailored set of rules governing the issuance of asset-backed securities (“ABS”). The perceived role of ABS in the recent financial crisis has led to renewed concerns regarding the regulation of the ABS market. In response to such concerns, the SEC held an open meeting earlier today at which proposed revisions to Regulation AB and other rules relating to public and private offerings of ABS were announced.