Last month the SEC made the unprecedented suggestion that issuers in the private 144a securitization market should be required to provide the same level of disclosure to investors as those issuing in the public market. The suggestion is as damaging as it is surprising.
The fundamental problem is that the proposals treat securitization differently to other types of security. Its treatment would be unique. While there are many in the market and in government that might wholeheartedly sympathise with this aim, it does not mean that...
