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NEW YORK CITY-The “unique characteristics” of CMBS among asset-backed securities need to be considered in the SEC’s proposed revisions of Regulation AB, says the CRE Finance Council in comments filed Monday. These characteristics, the council argues, “warrant specialized treatment for CMBS.”

The council notes that while it endorses many of the SEC’s proposed rules and “broadly supports” the commission’s goals of enhanced transparency and alignment of interest between issuers and investors, certain provisions of the new rules “may impair the efficient operation of the CMBS market without a concomitant benefit.” With that in mind, the CREFC is suggesting alternatives or refinements to the rules that it believes would achieve the SEC’s goals “without unduly burdening capital formation.”

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