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Participating in the discussion were representatives from IOSCO’s Task Force on Unregulated Markets and Products and the securitisation industry, including issuers and investors, interest groups, lawyers and auditing firms. Held at IOSCO headquarters in Madrid on Monday, the meeting focused on the organisation’s recently published Consultation Report on Global Developments in Securitisation Regulation, which was drafted by the Task Force. It is open for public comment until 6 August, 2012.
The Consultation Paper was prepared at the request of the Financial Stability Board (FSB) as part of its work to strengthen oversight and regulation of the shadow banking system. Measures in this area deal with risk retention, improvement in transparency and the standardisation of product disclosure, all of which were discussed by participants at the round table.
The report also highlighted the importance of securitisation as a market-based source of finance, and the role cross- border issuance plays in deepening markets and supporting growth in the real economy.