What level of assurance will be required from the sponsor’s accountants that a newly issued CMBS?
As a condition of the disbursement of the TALF loan, an accounting firm retained by the sponsor must provide a report on Agreed Upon Procedures on factual matters related to various eligibility criteria for newly issued CMBS (the “TALF AUP Report”). The accounting firm providing the report must be a nationally recognized certified public accounting firm that is registered with the Public Company Accounting Oversight Board. The TALF AUP Report is required to be issued in connection with the preliminary prospectus or offering document and for any pre-pricing supplement to the preliminary prospectus or offering document. The form of the TALF AUP Report is available here. The New York Fed acknowledges the sufficiency of the procedures set forth in the TALF AUP Report for its purposes. In addition, as a condition of the disbursement of the TALF loan, the accounting firm must provide to the New York Fed a copy of the report on Agreed Upon Procedures, including any supplements or updates to s
Related Questions
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- What level of assurance will be required from the sponsor’s accountants in connection with a newly issued CMBS?
- What level of assurance will be required from the sponsor’s accountants that a newly issued CMBS?
