SFIG Publishes RMBS 3.0 TRID Compliance Review Scope ©
SFIG published its RMBS 3.0 TRID Compliance Review Scope© documentation on June 15th, developed under the leadership of members from Third Party Review (“TPR”) firms across the industry and SFIG’s RMBS 3.0 Due Diligence, Data and Disclosure Working Group. The underlying premise of this documentation is to establish a best practices approach to pre-securitization testing logic that will drive the due diligence conducted by TPRs.
Members must be logged into the website to view this documentation. Non-members can purchase a copy here.
SFIG Issues Credit Card Disclosure Best Practices
On June 1st, SFIG announced the release of two credit card disclosure best practices. The best practices are a combined product of SFIG’s Investor and Credit Card Issuer Committees and are targeted towards enhancing disclosure practices of issuers that conduct registered offerings and sales of credit and charge card ABS, notably regarding quarterly updates of static pool information and, where applicable, information regarding retailer concentration.
Please reach out to Jennifer.Wolfe@sfindustry.org with any questions.
SFIG is Hiring!
With SFIG continuing to expand its reach across new conferences and additional policy challenges, we are looking for additional talent to fill these exciting new positions:
- Policy Analyst: will help support policy initiatives and report to the Senior Director, ABS Policy
- Senior Policy Analyst: will help support group-wide strategy efforts and initiatives in education & advocacy
- Data/Policy Analyst: will help support group-wide policy and advocacy initiatives, and manage databases
- Manager of Advocacy: will design and execute advocacy strategies for SFIG’s policy priorities
Structured Finance Canada 2016 Comes to a Close
SFIG is very pleased to report that a record-breaking crowd of 500 participants attended Structured Finance Canada 2016 and enjoyed a packed agenda. The event kicked off on May 31st evening with a sold-out Industry Dinner. The Honourable Charles Sousa, Ontario's Minister of Finance, delivered an on-point keynote address, in which he emphasized the important role the structured finance market plays in support of the Canadian economy.
SFIG & our partners at IMN sincerely thank our pioneer event sponsors!
SFIG Testifies before Congress on ABS Liquidity
On February 24th, SFIG Executive Director Richard Johns testified before the House Financial Services Committee regarding the effects of Dodd-Frank and Basel requirements on ABS liquidity. Richard presented the membership’s views on liquidity in the securitization marketplace, with a focus on global regulatory issues that affect lending across all asset classes. “All of these rules, particularly when combined, pose a serious threat to securitization as a critical source of funding for the real economy,” stated Johns.
SEC Piwowar: Evaluate the “Cumulative Impact” of Securitization Regulations
“The SEC needs to evaluate the cumulative impact of all these new rules on the securitization markets,” stated Commissioner Michael Piwowar during his keynote address at ABS Vegas 2016. “I am concerned that the relative costs have made ABS issuances in the private markets significantly more attractive than registered ABS offerings in the public markets…” stated Piwowar.
SFIG Submits Supplemental Regulation AB II Comment Letter to SEC
On January 12th, SFIG submitted a supplemental comment letter, kindly drafted by Morgan Lewis, to the SEC regarding asset-level information for credit card and equipment floorplan ABS, a deferred action within the final rule. This follows our June 2015 letter.
Future discussions across asset class committees and the Regulation AB II Task Force will focus on the remaining outstanding proposed rules, including disclosure for Rule 144A offerings. If you would like to participate, please contact Alyssa Acevedo.
Trades Raise Concerns About Basel’s Proposed FRTB Rule to Congress
On November 12th, SFIG and several other trade organizations submitted a comment letter to Treasury and the Federal Reserve regarding Basel's Fundamental Review of the Trading Book (“FRTB”). The letter stresses the connection between the high capital charges the proposal would require, and a resulting reduction in market making and credit availability.
SFIG continues to educate Congress regarding the potential negative effects of the FRTB for the securitization industry. Contact Tom McCrocklin to learn more.
SFIG’s membership continues to grow in numbers and diversity. There are approximately 350 institutions representing all segments of the securitization industry contributing to our membership-driven agenda.
We encourage you to apply for membership today.
On February 24th, SFIG Executive Director Richard Johns testified before the House Financial Services Committee regarding the effects of Dodd-Frank and Basel requirements on ABS market liquidity.
Over 6,700 industry professionals registered for ABS Vegas 2016 making it indisputably the largest capital markets conference in the world.
SFIG and our partners at IMN want to thank our 165 corporate sponsors, and THANK YOU all for making this happen. See you in 2017. Same place, same time!
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:
- Educating members, legislators, regulators, and other constituencies about structured finance, securitization and related capital markets,
- Building the Broadest Possible Consensus among members on policy, legal, regulatory and other matters affecting or potentially affecting the industry
- Advocating with respect to policy, legal, regulatory and other matters affecting or potentially affecting the industry, and
- 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 approximately 350 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.