SFIG’s 2014 Canadian Symposium

Ms. Sanjoto provided insight into how Canadian regulators are looking for industry input to assure that implementation of the proposed amendments on Asset Backed Commercial Paper (ABCP) disclosure requirements achieves the proper balance between regulatory oversight and market development.

The Canadian Securitization panel presented the following updates:

  • Susan Calder of RBC presented an overview of the “look through” approach SFIG and its members are advocating in discussions on LCR proposals in the United States and Canada. She also explained the framework for the bank customer securitization credit facility.

  • Matt Armbruster from Ford Motor Company provided an issuer perspective on how Canadian derivatives rules on trade reporting and central clearing affect business, and contributed additional perspectives on issues relating to the LCR.

  • Wojtek Niebrzydowski, Canadian Imperial Bank of Commerce, presented a comparison of the Canadian covered bond market indexation regime jurisdictions and offered ideas on the implementation of the indexation requirements.

  • SFIG’s Senior Policy Analyst, Mary Robinson, presented an overview of SFIG’s involvement in Canadian securitization developments including submission of a comment letter on Canadian liquidity coverage ratio (LCR) proposals and current working group efforts to develop a response to the proposed ABCP disclosure requirements.

  • The symposium concluded with remarks from Anna-Liza Harris, Partner at Katten Muchin Roseman LLP, who gave a high level overview on the Foreign Affairs Tax Compliance Act (FATCA). Ms. Harris’ remarks provided an explanation of the possible approaches Canadian and other foreign members of the securitization industry may take in complying with pending implementation of FATCA filing and registration requirements.

    SFIG would like to thank McCarthy Tétrault LLP for hosting the inaugural Canadian Symposium and looks forward to continued involvement on issues facing the Canadian securities industry. For additional information on SFIG’s activities involving Canadian securitization please contact Mary Robinson..

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