Regulation AB consolidates and codifies existing interpretative, primarily client-specific, positions that clarify Securities Act of 1933 registration requirements for asset-backed securities offerings in the United States. Regulation AB:updates and clarifies the registration requirements for ABS offerings under the Securities Act; provides disclosure guidance and requirements for filings involving ABS under the Securities Act and Exchange Act; establishes a consistent servicing standard, used as the basis for measuring; requires an accountant's report for each servicer assertion.