The main focus of Regulation AB consists of twenty-four rules, commonly known as "items", which are numbered items 1100 through 1123. These twenty-four items comprehensively address the four primary regulatory areas affecting asset-backed securities: Securities Act Registration, disclosure, communications during the offering process, and ongoing reporting under the exchange act. In rolling out Regulation AB, the Securities and Exchange Commission (SEC) sought to update and create a higher degree of clarity regarding securities act registration requirements for Asset Backed Securities along with expanding the various types of securities that may be offered. Additionally, a consolidation of existing conditions regarding exchange act reporting and streamlining existing positions for written communication in a registered ABS offering was also sought. Lastly, the remediation of no-action, disjointed servicing standards, such as the USAP, was to be augmented, and ultimately replaced, by a more comprehensive, stringent, and thorough servicing standard.