CFTC Issues No-Action Relief Applicable To Swaps With Legacy SPVs
The U.S. Commodity Futures Trading Commission’s (“CFTC’s”) Division of Swap Dealer and Intermediary Oversight (“DSIO”), in response to SFIG’s request, announced that it is providing no-action relief, subject to specified conditions, to provisionally registered swap dealers (“SDs”) from compliance with certain CFTC regulations.
Specifically, "the DSIO will not recommend that the CFTC take an enforcement action against an SD for a failure to comply with the specified regulations as such regulations may apply to a legacy special purpose vehicle (“SPV”) swap, subject to [certain] conditions."
Securitization Provides Meaningful Funding to the U.S. Economy
Securitization continues to bolster American businesses and consumer’s access to capital, contributing a significant share of funding to the U.S. economy, according to a new report from Moody’s Investors Service. The full report, "Securitization Provides Meaningful Funding to the US Economy" is available to you on a complimentary basis: A moodys.com login, which is required to access this report, is available for free through a one-time only registration process.
Read SFIG's full story on the report here.
Congressmen Release GSE Reform Bill
On March 19, 2015, Congressmen Carney (D-DE), Delaney (D-MD) and Himes (D-CT) reintroduced their vision for reforming the government-sponsored enterprises (“GSEs”), The Partnership to Strengthen Homeownership Act of 2015. To view SFIG’s analysis of the bill, please click here. To view SFIG’s press release, please click here. To view SFIG’s side-by-side comparison of the bill to other legislative efforts, please click here.
Contact Amanda Bateman to join SFIG's GSE Reform Task Force.
BCBS-IOSCO Consult on “Simple, Transparent and Comparable” ABS
SFIG responded to the BCBS/IOSCO consultative document entitled “Criteria for identifying simple, transparent and comparable securitisations.” SFIG’s High Quality Securitization Task Force, with Hogan Lovells serving as drafting counsel, provided feedback on both the concept of “simple, transparent and comparable securitisations” and the best way in which to implement such a structure.
SFIG looks forward to continued dialogue with global policymakers on the concept of high quality securitizations. Contact Amanda Bateman to learn more.
EC Consults on Simple, Transparent and Standardized Securitization
SFIG will be commenting on the European Commission’s (“EC”) consultation document regarding simple, transparent and standardized securitization. The EC cites recent proposals by the European Central Bank and Bank of England, the European Banking Authority, and the Basel Committee on Banking Supervision and International Organization of Securities Commissions, all of which SFIG commented on.
Comments are due on May 13, 2015. If you would like to join the High Quality Securitization Task Force and contribute to the development of this comment letter, please contact Amanda Bateman.
Mark Your Calendars for ABS East!
The Structured Finance Industry Group is proud to be the Lead Association Partner for IMN’s 21st Annual ABS East Conference, taking place September 16-18, 2015 at the Fontainebleau in Miami Beach. Last year’s event welcomed nearly 4,000 industry participants, which included over 1,600 investors and issuers, a new record for the ABS East franchise. Registration will be opening soon, so mark your calendars today!
We look forward to seeing you in Miami this September.
SFIG’s membership continues to grow in both numbers and diversity.
There are currently more than 280 institutions representing all segments of the securitization industry contributing to our membership-driven agenda.
We encourage you to apply for membership today.
SFIG's High Quality Securitization ("HQS") Task Force commented on IOSCO and BCBS' IOSCO and BCBS' criteria for simple, transparent and comparable securitizations on February 13, 2015. SFIG also recently commented on the EBA's proposal regarding HQS.
Read about SFIG's latest initiative.
SFIG and IMN want to extend a huge THANK YOU for making ABS Vegas 2015 a success. Over 6,500 industry professionals registered for ABS Vegas 2015 making it indisputably the largest capital markets conference in the world.
Conference attendees may access presentations and panel recordings on IMN’s website.
SFIG was established with the core mission of supporting a robust and liquid securitization market, recognizing that securitization is an essential source of core funding for the real economy. Under this mission, we are dedicated to:
1) Educating members, legislators, regulators, and other constituencies about structured finance, securitization and related capital markets,
2) Building the Broadest Possible Consensus among members on policy, legal, regulatory and other matters affecting or potentially affecting the industry
3) Advocating with respect to policy, legal, regulatory and other matters affecting or potentially affecting the industry, and
4) Core Principles of Governance, Financial Transparency, Inclusion and respectful accommodation of divergent member views.
We provide a representative and transparent member-driven platform for industry education and advocacy. While we are based in Washington, DC, our members’ interests extend globally.
We boast more than 270 institutional members (and growing), including investors, issuers, and all other participants in the structured finance industry. As a member-driven organization our advocacy is committee-based, with over 50 committees and taskforces actively engaged in representing broad industry viewpoints across all aspects of the regulatory and legislative agenda.