ASF standards post TFUMP
In the wake of the global 2007/8 financial crisis, IOSCO's Task Force on Unregulated Markets and Products (‘TFUMP’) published its Final Report (PDF) in September 2009, and a subsequent Implementation Report (PDF), which tracked global progress.
IOSCO’s objectives were to improve investor confidence, aid greater comparability of transaction information and to better performance assess transactions, securities and collateral.
ASF responded to every TFUMP recommendation by taking industry-led measures, as well as engaging with policy and standards reform work led by the Australian official community. The foundation of the ASF response to IOSCO’s TFUMP was formulation of minimum and consistent standards and practices by issuers of Australian asset- and mortgage-backed securities, developed between 2009 and 2012.
More recently, the industry has worked to implement and evolve these standards through collaboration with The Reserve Bank of Australia (RBA) on its new mandatory reporting requirements.
Two ASF standards remain in force, pending any reporting guidance from the RBA on these items:
ASF also produced standardised reporting arrangements for Australian covered bonds.