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The Securities and Exchange Commission (the "SEC") issued final rules (the "Final Rule") on January 20, 2011, implementing the provisions of Section 945 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"). Section 945 of the Act directed the SEC to issue rules that require an issuer of publicly offered asset-backed securities ("ABS") to perform a review of the assets underlying an ABS offering and disclose the nature of that review. The Final Rule adopts the SEC’s earlier proposal with one important change, which is the inclusion of a minimum standard of review. The SEC also adopted amendments to Regulation AB that would require an ABS issuer to disclose information regarding assets that deviate from disclosed underwriting criteria.