As part of the work of the International Organisation of Securities Commissions (IOSCO) and the Basel Committee on Banking Supervision (BCBS) to follow-up on various aspects of regulation within the securitisation market, IOSCO's Task Force on Securitisation Markets (TFSM) has launched an online Survey to gain a better understanding of market participants' views in this area. The 26 questions are designed to: allow the TFSM to better understand how securitisation markets are evolving in different parts of the world; identify factors that may be hindering the development of sustainable securitisation markets; assess whether there are factors inhibiting (particularly non-bank) investor participation in the market; and possibly to develop criteria that will identify and assist in the development of simple and transparent securitisation structures. They include questions asking about what solutions or actions could be taken to resolve regulatory factor impediments - with responses expected to highlight the need to re-work the Basel Committee's securitisation risk-weighting proposals or at least provide a more relaxed regulatory capital treatment for "high quality" securitisation. This may in turn lead to the development of a global definition of "high quality securitisation", which is now gaining traction within the market (see further comments in relation to this topic in this Edition of the SCM Briefing). While the survey is aimed at issuers and investors, all market participants are encouraged to complete it, and it remains open until near the end of July 2014. Results of the Survey (and any follow-up actions to be taken) are expected to be communicated to the market in due course.
IOSCO / BCBS Survey Link