SIFMA provides comments to the Federal Deposit Insurance Corporation (FDIC) on a Notice of Proposed Rulemaking (NPR) regarding the treatment by the FDIC as conservator or receiver of financial assets transferred by an insured depository institution in connection with a securitization or participation after September 30, 2010, RIN 3064-AD53.  The proposal would amend the current safe harbor rule relating to securitizations and participants issued after September 30, 2010. SIFMA supports coordinated, comprehensive securitization reforms that will help to restart the securitization markets. In addition, SIFMA supports revising the original safe harbor to provide the required certainty to investors, rating agencies and other market participants with respect to the legal isolation of assets in an IDI securitization. However, in SIFMA’s view, the proposed rule, as currently drafted, would achieve neither of these goals.