The Bond Market Association (TBMA)* provide comments to the American Institute of Certified Public Accountants (AICPA) on a draft amendment to the interpretation, The Use of Legal Interpretations of Evidential Matter to Support Management’s Assertion That a Transfer of Financial Assets Has Met the Isolation Criterion in Paragraph 9(a) of Statements of Financial Accounting Standards Nos. 125 and 140, SAS No. 73.  TBMA focuses on certain aspects of the Proposed Interpretation that would affect audit standards for legal isolation opinions in the context of securitization transactions by regulated depository institutions.
*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.