Nine European and global trade associations (Commercial Mortgage Securities Association, European Association of Co-operative Banks, European Association of Public Banks, European Banking Federation, European Savings Banks Group, European Securitisation Forum, International Capital Market Association, London Investment Banking Association and Securities Industry and Financial Markets Association) have issued a press release concerning ten industry initiatives which are aimed at increasing transparency in European securitisation markets.

The initiatives are:

  • Draft industry good practice guidelines on securitisation disclosures under Pillar 3 of the Capital Requirements Directive.
  • The creation of a new industry quarterly securitisation data report, which aims to provide comprehensive, frequent and relevant statistical data on EU and US securitisation markets.
  • A finalised ABCP issuer disclosure code of conduct.
  • The development of draft RMBS and CMBS issuer transparency and disclosure principles.
  • Measures to enable further opening of access to transaction information.
  • The development of industry data portals to create centralised access to prospectuses and investor reports.
  • A new ESF RMBS and CDO issuer/manager website directory.
  • The establishment of globally coordinated task forces to improve standardisation and granularity of RMBS and CMBS reporting templates.
  • The development of standardised definitions to enhance comparability of terms in a global investor market place.
  • The development of investor principles for credit assessment and valuations.

View Industry take further steps toward improving transparency, 2 July 2008