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In a joint letter to the Commission the financial services industry representatives stated their commitments on transparency in structured credit markets.
The associations are working on three initiatives identified with the European Commission as priorities.
With regard to Securitisation Exposure Reporting, the European industry will develop EU CRD good practice guidelines on securitisation disclosures will be published for consultation at the end of June 2008. These guidelines will be designed to ensure that the disclosures are made at a sufficient level of granularity; and that the CRD terminology is used consistently.
The European industry has committed to provide a periodic report on market data, starting in June 2008. The report will also include a selection of summary data from the
Finally, with regard to investor information initiatives, a working group has been formed to develop standardised definitions used in various countries for various products, in order to improve consistency and investor understanding.