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01 July 2009

IOSCO consults on disclosure requirements for public offerings of ABS


The disclosure principles provide guidance to securities regulators who are developing, or reviewing their regulatory disclosure regimes, for public offerings and listings of asset-backed securities. 

The IOSCO Technical Committee has published this consultation report on Disclosure Principles for Public Offerings and Listings of Asset-Backed Securities.

The principles provide guidance to securities regulators who are developing or reviewing their regulatory disclosure regimes.
 
The principles will apply to listings and public offerings of ABS, defined as those securities that are primarily serviced by the cash flows of a discrete pool of receivables or other financial assets-either fixed or revolving-that by their terms convert into cash within a finite period of time.
 
The proposed disclosure topics should include:
  • Parties Responsible for the Document
  • Identity of Parties Involved In the Transaction
  • Functions and Responsibilities of Significant Parties Involved In the Securitization Transaction
  • Static Pool Information
  • Pool Assets
  • Significant Obligors of Pool Assets
  • Description of the Asset Backed Securities
  • Structure of the Transaction
  • Credit Enhancement and Other Support, Excluding Certain Derivative Instruments
  • Certain Derivative Instruments
  • Risk Factors
  • Markets
  • Information about the Public Offering
  • Taxation
  • Legal Proceedings
  • Reports
  • Affiliations and Certain Relationships and Related Transactions
  • Interests of Experts And Counsel
  • Additional Information
Deadline for consultation is 10 August 2009.
 


© IOSCO


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