17 C.F.R. § 230.191
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 (§ 229.1101 of this chapter).
(a) 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.
(b) 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.
Notes of Decisions
Cited in 6
cases, 2012–2018 · leading case: Federal Housing Finance Agency v. Nomura Holding America, Inc.
Federal Housing Finance Agency v. Nomura Holding America, Inc. (2017)
“” 17 C.F.R. § 230.191 (a). The combination of this statutory provision and administrative direction makes clear-that.”
Federal Housing Finance Agency v. UBS Americas, Inc. (2012)
“” 17 CFR 230.191. To the extent defendants would argue that the Rule’s reference to “asset-backed securities” does not encompass RMBS, they are foreclosed from doing so by their reliance elsewhere in their motion on Regulation AB, which likewise governs “asset-backed securities”…”
Fed. Deposit Ins. Corp. v. First Horizon Asset Sec. Inc. (2018)
“" 17 C.F.R. § 230.191 (a). The combination of this statutory provision and administrative direction makes clear that PLS depositors, such as NAAC and NHELI, are statutory sellers for purposes of Section 12(a)(2).”
Federal Housing Finance Agency v. Nomura Holding America, Inc. (2015)
“provides that “[t]he 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.”
Impac Mortgage Holdings, Inc. v. Houston Casualty Company (2016)
“” That is how an adjacent clause in the Houston policy uses the phrase, expressly covering claims “brought by a security holder of an Organization with respect to such security holder’s interest in securities of such Organization.”
Loan Syndications and Trading Association v. Securities and Exchange Commission (2016)
“at 77609) (referencing 17 C.F.R. §§ 230.191 , 240.3b-19)); cf. Chevron, 467 U.”
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