The SEC said a major subset of data-center securitizations don’t need to have disclosures and investor protections that similar deals require. Complying with the rules required sponsors to take on “ownership structures that weren’t necessarily in line with their ultimate objectives.” The change comes as Wall Street strains to accommodate a flood of debt to pay for a historic buildout of data centers and digital infrastructure. The SEC’s clarification doesn’t exempt other types of data-center securitizations from the rules. For instance, commercial mortgage backed securities backed by data centers still must comply because their collateral is a mortgage, rather than the physical assets themselves.