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Asset-backed security: Difference between revisions
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(A) means a fixed-income or other security collateralized by any type of [[self-liquidating financial asset]] ([[including]] a loan, a lease, a mortgage, or a secured or unsecured receivable) that allows the holder of the security to receive payments that depend primarily on cash flow from the asset, including— | (A) means a fixed-income or other security collateralized by any type of [[self-liquidating financial asset]] ([[including]] a loan, a lease, a mortgage, or a secured or unsecured receivable) that allows the holder of the security to receive payments that depend primarily on cash flow from the asset, including— | ||
:(i) a collateralized mortgage obligation; | :(i) a collateralized mortgage obligation; | ||
:(ii) a collateralized debt obligation; | :(ii) a [[Collateralised debt obligation|collateralized debt obligation]]; | ||
:(iii) a collateralized bond obligation; | :(iii) a collateralized bond obligation; | ||
:(iv) a collateralized debt obligation of asset-backed securities; | :(iv) a collateralized debt obligation of asset-backed securities; | ||
:(v) a collateralized debt obligation of collateralized debt obligations; and | :(v) a [[CDO squared|collateralized debt obligation of collateralized debt obligations]]; and | ||
:(vi) a security that the Commission, by rule, determines to be an asset-backed security for purposes of this section; and <br> | :(vi) a security that the Commission, by rule, determines to be an asset-backed security for purposes of this section; and <br> | ||
(B) does not include a security issued by a finance subsidiary held by the parent company or a company controlled by the parent company, if none of the securities issued by the finance subsidiary are held by an entity that is not controlled by the parent company. <ref>15 USC § 78c(a)(79) Source: https://www.law.cornell.edu/definitions/uscode.php?def_id=15-USC-1398525309-2067023687</ref>}}{{us disclaimer small}}}} | (B) does not include a security issued by a finance subsidiary held by the parent company or a company controlled by the parent company, if none of the securities issued by the finance subsidiary are held by an entity that is not controlled by the parent company. <ref>15 USC § 78c(a)(79) Source: https://www.law.cornell.edu/definitions/uscode.php?def_id=15-USC-1398525309-2067023687</ref>}}{{us disclaimer small}}}} | ||
different things to different people. In the Eastern wilds on the old side of the Atlantic, bascially any repack, securitisation, or monetisation that winds up in negotiable debt securities format will count. The Americans — don’t they always — have to be a bit more prescriptive than that — what else would regulators have to do otherwise? — and there is this definition in the federal rules (god knows which one but it is somewhere within the general [[Securities Exchange Act of 1934|Securities Exchange Act]], [[Securities Act of 1933|Securities Act]], [[Investment Company Act of 1940|Investment Company Act]] memeplex). Note the curious reference to self-liquidating financial assets, which means certain financings would be out of scope. Those of instruments that don’t pay a cashflow or have a stated maturity as such — one that leaps to mind is a carbon credit, and gold is another, as would any other non-financial commodities. | |||
{{sa}} | {{sa}} | ||
*[[US private placement]] | *[[US private placement]] | ||