General Rules and Regulations
Securities Act of 1933
Rule 191 -- Definition of "issuer" in Section 2(a)(4) of the Act in Relation
to Asset-Backed Securities.
The following applies with respect to asset-backed securities under the Act. Terms used
in this section have the same meaning as in Item 1101 of Regulation AB (Rule 229.1101 of this chapter).
The depositor for the asset-backed securities
acting solely in its capacity as depositor to the issuing entity is the “issuer” for
purposes of the asset-backed securities of that issuing entity.
The person acting in the capacity as the depositor
specified in paragraph (a) of this section is a different “issuer” from that
same person acting as a depositor for another issuing entity or for purposes
of that person’s own securities.
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