Global developments in securitisation regulation - an ASIC perspective
A speech by Greg Tanzer, Commissioner, Australian Securities and Investments Commission to the Australian Securitisation Forum Conference 2012, 22 October 2012
Today I would like to talk about developments in regulatory reform of global securitisation markets, and ASIC's ongoing work in this space.
Our Chairman, Greg Medcraft, spoke about ASIC's strategic priorities when he presented here last year, but I would like to reiterate them today. ASIC's key priorities are to ensure:
- confident and informed investors and financial consumers;
- fair and efficient financial markets; and
- efficient registration and licensing.
ASIC's work with respect to securitisation falls into our first priority – confident and informed investors. ASIC has been working in a number of key areas over the last few years to assist in restoring confidence in the Australian securitisation market, and to encourage cross-border capital flows. These include:
- international regulatory reform work;
- working with the ASF to develop securitisation standards for industry; and
- ASIC's work in supporting the development of the corporate bond market.
ASIC has also been involved in other areas of work which indirectly promote the restoration of confidence in securitisation markets, for example, through our regulation of:
- credit rating agencies; and
- credit providers.