SPA presses for clarity on definitions

The US Structured Products Association (SPA) is pressing the Securities and Exchange Commission (SEC) to clarify its definition of structured products in a proposed ruling on rating agencies and asset-backed securities. In a letter dated July 25, the SPA urges the regulator to make its definition clearer to avoid any 'chilling effect' on the market.

The SPA suggests the SEC uses the term 'asset-backed security', to underline that only products issued by securitisation vehicles such as

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