General Rules and Regulations
Securities Exchange Act of 1934
Rule 13a-18 -- Compliance with Servicing Criteria for Asset-Backed Securities
(a) This section applies to every class of asset-backed
securities subject to the reporting requirements of section 13(a) of the Act.
Terms used in this section have the same meaning as in Item 1101 of Regulation
AB (Rule 229.1101 of this chapter).
(b) Reports on assessments of compliance with
servicing criteria for asset-backed securities required. With regard
to a class of asset-backed securities subject to the reporting requirements
of section 13(a) of the Act, the annual report on
Form 10-K (Rule 249.308 of this chapter) for such class must include from
each party participating in the servicing function a report regarding
its assessment of compliance with the servicing criteria specified in
paragraph (d) of Item 1122 of Regulation AB (Rule 229.1122(d) of this chapter),
as of and for the period ending the end of each fiscal year, with respect to
asset-backed securities transactions taken as a whole involving the party participating
in the servicing function and that are backed by the same asset type backing
the class of asset-backed securities (including the asset-backed securities transaction
that is to be the subject of the report on Form 10-K for that fiscal year).
(c) Attestation reports on assessments of
compliance with servicing criteria for asset-backed securities required.
With respect to each report included pursuant to paragraph (b) of this
section, the annual report on Form 10-K must also include a report by a
registered public accounting firm that attests to, and reports on, the
assessment made by the asserting party. The attestation report on
assessment of compliance with servicing criteria for asset-backed
securities must be made in accordance with standards for attestation
engagements issued or adopted by the Public Company Accounting Oversight
Note to Rule 13a-18:
If multiple parties are participating in the servicing function, a separate assessment
report and attestation report must be included for each party participating in
the servicing function. A party participating in the servicing function means
any entity (e.g., master servicer, primary servicers, trustees) that is performing
activities that address the criteria in paragraph (d) of Item 1122 of Regulation
AB (Rule 229.1122(d) of this chapter), unless such entity’s activities relate
to 5% or less of the pool assets.
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