General Rules and Regulations
Securities Exchange Act of 1934
Rule 15d-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 15(d) of the
Act. Terms used in this section have the same meaning
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
section 15(d) 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
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
Note to Rule 15d-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 only to 5% or less of the pool assets.
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