Legal Issues

Topics: Administrative law, Government agency, Rulemaking Pages: 3 (809 words) Published: April 13, 2013
1. State the administrative agency, which controls the regulation. Explain why this agency and your proposed regulation interest you (briefly). Will this proposed regulation affect you or the business in which you are working? If so, how? Submit a copy of the proposed regulation along with your responses to these five questions. The proposed regulation can be submitted as either a separate Word document (.doc) or Adobe file (.pdf). This means you will submit two attachments to the Week 2 Dropbox: (a) a Word document with the questions and your answers and (b) a copy of the proposed regulation you used for this assignment. (20 points) The Securities and Exchange Commission is the agency. I am interested in this regulation because of the amendment that was done to regulation AB Bank of America had to expand its mortgage-servicing department and I in turn have a new job. This amendment has affected my company as well as provided me an opportunity to excel in my career. The amendment has in greater detail changed the way that banks report and reconcile transactions of asset backed securities. I now work for our Investor asset management sector specifically responsible for auditing the mortgage servicing transactions that come through from our sub-servicers to our investors of those mortgages. 2. Describe the proposal/change. (20 points)

The most recent changes that were made to regulation AB were corrections to the final rule that was published January 7, 2005. Which is the article that I have attached. However, regulation AB has been revised from the original securities act of 1933 and 1934. Due to the market changing and the economic environmental changes in the mortgage industry. These recent changes (2010) now require more checks and balances of the investors/companies that purchase asset backed securities. The funds have to be held in custodial accounts; the deposits of the funds need to be posted to the custodial accounts within a 48-hour time. All...
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