Securitization experts say a new rule enacted last year by the U.S. Securities and Exchange Commission aimed at curbing credit ratings shipping is hurting the asset-backed securities market.

Rule 17g-5, which is also designed to encourage transparency in flow of issuers collateral information, has made the operational review and ratings process “a lot more complicated,” as says Rui Pereia, head of U.S. RMBS at Fitch Ratings. The rule, adds Pereia, has both credit ratings agencies and issuers fearful of speaking frankly about transactions.

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