[20160520]IF10410_资产支持证券的利益冲突规则.pdf

https:/crsreports.congress.gov May 20, 2016Conflicts of Interest Rule for Asset-Backed SecuritiesThe conflict of interest rule for asset-backed securities (ABS) refers to Section 621 of the Dodd-Frank Act (P.L. 111-203). The policy goal is to prevent people who help construct or underwrite ABS from having interests in opposition to the purchasers of the securities. Although the Securities and Exchange Commission (SEC) issued a proposed rule on September 9, 2011, a final rule has yet to be issued. Difficulties in defining statutorily required exemptions for hedges and traditional underwriting activities may be contributing to the delay. This In Focus describes incentive problems inherent in ABS, summarizes how Section 621 addresses incentives issues, and analyzes some of the policy trade-offs that must be decided in the final rule. Background ABS are financial instruments that represent a stream of revenues flowing from a pool of collateral, typically loans. For example, 1,000 auto loans can be pooled in a trust, with the revenues being distributed to 20 securities. This structure can be used to diversify investor portfolios equally; that is, each security buyer may face greater ri