124 STAT. 1898 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(5) transactions’’. (b) CONFORMING AMENDMENT.—Section 3(a)(4)(B)(vii)(I) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(4)(B)(vii)(I)) is amended by striking ‘‘4(6)’’ and inserting ‘‘4(5)’’. SEC. 945. DUE DILIGENCE ANALYSIS AND DISCLOSURE IN ASSET- BACKED SECURITIES ISSUES. Section 7 of the Securities Act of 1933 (15 U.S.C. 77g), as amended by this subtitle, is amended by adding at the end the following: ‘‘(d) REGISTRATION STATEMENT FOR ASSET-BACKED SECURI- TIES.—Not later than 180 days after the date of enactment of this subsection, the Commission shall issue rules relating to the registration statement required to be filed by any issuer of an asset-backed security (as that term is defined in section 3(a)(77) of the Securities Exchange Act of 1934) that require any issuer of an asset-backed security— ‘‘(1) to perform a review of the assets underlying the asset- backed security; and ‘‘(2) to disclose the nature of the review under paragraph (1).’’. SEC. 946. STUDY ON THE MACROECONOMIC EFFECTS OF RISK RETEN- TION REQUIREMENTS. (a) STUDY REQUIRED.—The Chairman of the Financial Services Oversight Council shall carry out a study on the macroeconomic effects of the risk retention requirements under this subtitle, and the amendments made by this subtitle, with emphasis placed on potential beneficial effects with respect to stabilizing the real estate market. Such study shall include— (1) an analysis of the effects of risk retention on real estate asset price bubbles, including a retrospective estimate of what fraction of real estate losses may have been averted had such requirements been in force in recent years; (2) an analysis of the feasibility of minimizing real estate price bubbles by proactively adjusting the percentage of risk retention that must be borne by creditors and securitizers of real estate debt, as a function of regional or national market conditions; (3) a comparable analysis for proactively adjusting mort- gage origination requirements; (4) an assessment of whether such proactive adjustments should be made by an independent regulator, or in a formulaic and transparent manner; (5) an assessment of whether such adjustments should take place independently or in concert with monetary policy; and (6) recommendations for implementation and enabling legislation. (b) REPORT.—Not later than the end of the 180-day period beginning on the date of the enactment of this title, the Chairman of the Financial Services Oversight Council shall issue a report to the Congress containing any findings and determinations made in carrying out the study required under subsection (a). Deadline. Regulations.
