Cabela's 2012 Annual Report Download - page 69

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related proposed and final rules will take, whether the Trust would continue to be eligible to rely on the exemption
provided by Investment Company Act Rule 3a-7, and whether the Trust would qualify for any other Investment
Company Act exemption.
On July 26, 2011, the SEC re-proposed certain rules for asset-backed securities offerings (“SEC Regulation
AB II”) which were originally proposed by the SEC on April 7, 2010. If adopted, SEC Regulation AB II would
substantially change the disclosure, reporting, and offering process for private offerings of asset-backed securities
that rely on the Rule 144A safe harbor, including the Trust’s private offerings of asset-backed securities. As
currently proposed, SEC Regulation AB II would, among other things, alter the safe harbor standards for private
placements of asset-backed securities imposing informational requirements similar to those applicable to registered
public offerings. The final form that SEC Regulation AB II may take is uncertain at this time, but it may impact the
Financial Services segment’s ability and/or desire to sponsor securitization transactions in the future.
On March 29, 2011, pursuant to the provisions of the Reform Act, the SEC, the Federal Reserve, the FDIC,
and certain other federal agencies issued proposed regulations requiring securitization sponsors to retain an
economic interest in assets that they securitize. Subject to certain exceptions, the proposed regulations would
generally require the sponsor of a securitization transaction to retain at least 5% of the credit risk of the securitized
assets and would provide securitization sponsors with a number of options for satisfying this requirement. Each
of these options would require the sponsor to provide certain disclosures to investors a reasonable time prior to
sale and upon request to the SEC and the sponsor’s applicable federal banking regulator. In addition, the sponsor
would be subject to certain prohibitions on hedging, transferring, or financing the retained credit risk. If adopted,
the proposed regulations will likely affect most types of private securitization transactions, including those
sponsored by the Financial Services segment. It is not clear how the final regulations will differ from the proposed
regulations, if at all, or the impact of the final regulations on the Financial Services segment and its ability and
willingness to continue to rely on the securitization market for funding.
On January 20, 2011, under provisions of the Reform Act, the SEC adopted rules that require issuers of
asset-backed securities to disclose demand, repurchase, and replacement information through the periodic filing
of a new form with the SEC. One of these rules requires rating agencies to disclose in any report accompanying a
credit rating for an asset-backed security the representations, warranties, and enforcement mechanisms available
to investors and how they differ from those in similar securities. Also pursuant to the provisions of the Reform
Act, on January 20, 2011, the SEC issued rules that require issuers of registered asset-backed securities to perform
a review of the assets underlying the securities and to publicly disclose information relating to the review. These
rules also require issuers of asset-backed securities to make publicly available the findings and conclusions of
any third-party due diligence report obtained by the issuer. It remains to be seen whether and to what extent the
January 20, 2011, rules or any other final rules adopted by the SEC will impact the Financial Services segment and
its ability and willingness to continue to rely on the securitization market for funding.
Operating, Investing and Financing Activities
The following table presents changes in our cash and cash equivalents for the years ended:
2012 2011 2010
(In Thousands)
Net cash provided by operating activities $ 234,629 $ 366,468 $ 167,427
Net cash used in investing activities (612,367) (532,040) (347,570)
Net cash provided by (used in) financing activities 361,809 333,832 (265,623)