On October 22, the Federal Deposit Insurance Corporation (the "FDIC") issued a final rule revising certain provisions of its Securitization Safe Harbor Rule. The final rule clarifies the requirements as to the retention of an economic interest in the credit risk of securitized financial assets in connection with credit risk retention regulations adopted under Section 15G of the Securities Exchange Act. The final rule will be effective on the date that is the later of: (i) 60 days after publication of the final rule in the Federal Register; and (ii) January 1, 2016. Final Rule.
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