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prescribe requirements appropriate for each class of issuers of asset-backed securities.’’. (b) SECURITIES ACT OF 1933.—Section 7 of the Securities Act of 1933 (15 U.S.C. 77g) is amended by adding at the end the following: ‘‘(c) DISCLOSURE REQUIREMENTS.— ‘‘(1) IN GENERAL.—The Commission shall adopt regulations Regulations. under this subsection requiring each issuer of an asset-backed security to disclose, for each tranche or class of security, information regarding the assets backing that security. ‘‘(2) CONTENT OF REGULATIONS.—In adopting regulations under this subsection, the Commission shall— ‘‘(A) set standards for the format of the data provided by issuers of an asset-backed security, which shall, to the extent feasible, facilitate comparison of such data across securities in similar types of asset classes; and ‘‘(B) require issuers of asset-backed securities, at a minimum, to disclose asset-level or loan-level data, if such data are necessary for investors to independently perform due diligence, including— ‘‘(i) data having unique identifiers relating to loan brokers or originators; ‘‘(ii) the nature and extent of the compensation of the broker or originator of the assets backing the security; and ‘‘(iii) the amount of risk retention by the originator and the securitizer of such assets.’’.

SEC. 943. REPRESENTATIONS AND WARRANTIES IN ASSET-BACKED 15 USC 78o–7
OFFERINGS. note.
Not later than 180 days after the date of enactment of this Deadline.
Act, the Securities and Exchange Commission shall prescribe regu- Regulations.
lations on the use of representations and warranties in the market
for asset-backed securities (as that term is defined in section 3(a)(77)
of the Securities Exchange Act of 1934, as added by this subtitle)
that—
(1) require each national recognized statistical rating
organization to include in any report accompanying a credit
rating a description of—
(A) the representations, warranties, and enforcement
mechanisms available to investors; and
(B) how they differ from the representations, warran-
ties, and enforcement mechanisms in issuances of similar
securities; and
(2) require any securitizer (as that term is defined in section
15G(a) of the Securities Exchange Act of 1934, as added by
this subtitle) to disclose fulfilled and unfulfilled repurchase
requests across all trusts aggregated by the securitizer, so
that investors may identify asset originators with clear under-
writing deficiencies.

SEC. 944. EXEMPTED TRANSACTIONS UNDER THE SECURITIES ACT
OF 1933.
(a) EXEMPTION ELIMINATED.—Section 4 of the Securities Act
of 1933 (15 U.S.C. 77d) is amended—

LAWS (1) by striking paragraph (5); and (2) by striking ‘‘(6) transactions’’ and inserting the fol- lowing:PUBLIC with on anorris VerDate Nov 24 2008 03:41 Aug 28, 2010 Jkt 089139 PO 00203 Frm 00523 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203