Market Standards & Practices

2009

Australian Securitisation Forum welcomes IOSCO publishing its final report from its Task Force on Unregulated Markets & Products (‘TFUMP’)

ASF supports the key findings and is already engaged with ASIC in the implementation of any recommendations in the Australian market. In summary, the report recommends greater regulation to improve transparency and responds to G20 calls for greater oversight of previously unregulated markets, including securitisation markets.  Specific recommendations as detailed in the IOSCO press release are:
Requiring originators and/or sponsors to retain a long-term economic exposure to the securitisation to ensure aligned interests
Improve disclosure by issuers to investors including initial and ongoing information about underlying asset pool performance
Review investor suitability requirements as well as the definition of sophisticated investor in the relevant market and strengthen these requirements
A copy of the IOSCO press release and final report can be found at http://www.iosco.org/news/pdf/IOSCONEWS165.pdf.

Once the ASF National Committee has signed off on the draft disclosure package and skin-in-the-game requirements, a Request for Comment (RfC) will be issued to ASF Members, culminating in a plenary session to be held next month. An invitation to this event will be issued this week.

Any member with queries or comments on the disclosure package or the skin-in-the-game requirements is welcome to put these in writing  for consideration by the ASF Market Standards & Practices sub-committee.

 

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IOSCO Disclosure Principles for ABS

ASF makes comprehensive submission to IOSCO's taskforce on unregistered markets and products ('TFUMP') consultation flowing fromthe G20 London Leaders' summit