SEC Extends Draft Registration Statement Accommodations to Certain Issuers of Asset-Backed Securities

The SEC’s Division of Corporation Finance has announced a further expansion of its March 2025 accommodations available to issuers that submit draft registration statements for nonpublic review. Specifically, the Division has extended those accommodations to certain “issuers of asset-backed securities (“ABS Issuers”) using Forms SF-1 and SF-3.” As part of the process, an ABS Issuer must confirm in a cover letter accompanying its draft submission that “it will publicly file its registration statement and nonpublic draft submissions at least 15 days prior to any road show or, in the absence of a road show, at least 15 days prior to the requested effective date of the registration statement.”

According to the SEC, these expanded accommodations are intended to “facilitate capital formation in the ABS market without diminishing investor protection.”