Resources

ASF submission to Treasury Consultation on the exposure draft of the Competition and Consumer (Notification of Acquisitions) Determination 2025 (Exposure Draft Consultation) seeking exemption for securitisation markets from the application of the new merger regime...

Australia’s evolving capital markets: A discussion paper on the dynamics between public and private markets (Discussion Paper) - Australian Securitisation Forum submission

EU Securitisation Regulation reporting reforms – European Markets and Securities Authority (ESMA) consultation on the revision of the disclosure framework for private securitisation...

ASF submission in response to review into Small and Medium-sized Banks Issues Paper by the Council of Financial Regulators (CFR) in consultation with the Australian Competition and Consumer Commission (Issues Paper)

Response to European Commission's consultation on the functioning of the EU securitisation framework

ASF New Zealand market subcommittee submission to New Zealand Finance and Expenditure Committee Inquiry into banking competition...

ASF submission to Senate Standing Committees on Economics Inquiry into financial regulatory framework and home ownership

Reassessing the Case for Central Clearing of Bonds and Repos in Australia consultation paper – Australian Securitisation Forum response to the Council of Financial Regulators

Consumer Data Right (CDR) in non-bank lending – Consultation on CDR rules: consent and operational enhancement amendments – Australian Securitisation Forum response
 

Financial Stability Board (FSB) Evaluation of the Effects of the G20 Financial Regulatory Reforms on Securitisation – Consultation report 2 July 2024 – ASF Responses

Letter supporting the European Covered Bond Council (ECBC) statement to the EBA in response to EBA call for advice.

Submission by the Australian Securitisation Forum to the Senate Economics Legislation Committee Inquiry into the Taxation (Multinational—Global and Domestic Minimum Tax) Imposition Bill 2024 [Provisions] and related bills

A letter to Treasury summarising the meeting held with the ASF's tax working group on the matter of Pillar 2 legislation.

Letter requesting certain remedial
amendments to the taxation of securitisation transactions be addressed in the next tax Bill.

The ASF is a signatory to an AFME led joint association response to ESMA’s consultation which was submitted to ESMA (European Securities and Markets Authority) on 21 March.  The response elects for the adoption of Option C as a more efficient and expedient method of simplifying the disclosure and reporting requirements applicable to private securitisations (which includes Australian securitisation transactions).
 

Letter to the RBA in response to the second and final consultation paper on the new legal criteria for eligible self-securitisations. 

Insight from King & Wood Mallesons - Preparing for the unpreparable: What can non-bank lenders do to manage the risk of a cyber security incident?
 

Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill: Supplementary submission

Submission to the Attorney General's Department...

Submission to Revenue NSW on proposed amendments on the potential scope of new section 8(1)(b)(ix) of the Duties Act 1997 (NSW)

Consumer Data Right (CDR) in non-bank lending – Consultation on Non-bank Lending Draft Rules – Australian Securitisation Forum response

Submission from the ASF New Zealand subcommittee ro RBNZ on its Liquidity Policy Review - Consultation paper #2 – Significant Policy Issues

RBNZ announces its summary and key decisions document from its second consultation paper (C2) for the Liquidity Policy Review will be published in Q4 with the third consultation paper (C3) to be released in Q2 2024. 

Submission raises ASF concerns about the potential scope of new section 8(1)(b)(ix) of the Duties Act 1997 (NSW) (“Duties Act”) where there is currently uncertainty about where stamp duty is payable in securitisation and covered bonds transactions.

The ASF with input from a working group comprised of a broad section of its members has prepared and submitted a letter to the RBA submission responding to the changes and the questions posed in the consultation on new criteria for eligible self-securitisations

Submission to the Inquiry into the Treasury Laws Amendment (Making Multinationals Pay Their Fair Share-Integrity and Transparency) Bill 2023 (draft Bill)

Submission: Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill

 

18 April 2023 - Submission to the Australian Treasury on the thin capitalisation exposure draft....

An Industry Concept Note on Third Country Equivalence for global implementation
Of the European Covered Bond Directive...


 

Consumer Data Right (CDR) in non-bank lending – Consultation on design of CDR rules and data standards – Australian Securitisation Forum responses to Design Paper dated December 2022

A letter addressed to the Joint Committee of the European Supervisory Authorities regarding Article 5(1)(e) of the Securitisation Regulation co-signed by the key participants in the European, American and Australian securitisation markets. The letter aims to draw attention to the de facto exclusion of EU institutional investors from investing in certain third-country securitisations due to the interpretation of the above article...

An in depth look at the housing and mortgage market in Europe and beyond (includes Australia)...

To meet the requirements of the Reserve Bank of Australia’s (RBA) updated repo eligibility criteria for robust and objective fallback provisions in ABS securities documentation after 1 December 2022, the ASF has published guidance fallback provisions for BBSW linked asset backed securities (ABS) for voluntary use in contracts that reference BBSW.

The Covered Bond Label is a quality Label which responds to a market-wide request for improved standards and increased transparency in the covered bond market. 

The Label:
- Establishes a clear perimeter for the asset class and highlights the core standards and quality of covered bonds;
- Increases transparency;
- Improves access to information for investors, regulators and other market participants;
- Helps to improve liquidity in covered bonds;

The Covered Bond Label was created by the EMF/European Covered Bond Council (ECBC) in 2012. It was developed by the European issuer community, working in close cooperation with investors and regulators, and in consultation with all major stakeholders. It now counts a total of 122 issuers and 158 cover pools in 24 jurisdictions. 

A benchmark and comprehensive source of information on the covered bond asset class.

Letter in response to Treasury’s consultation paper dated 15 March 2022 on the Consumer Data Right Open Finance Sectoral Assessment - Non-bank lending (consultation paper).

This Market Guideline is to provide originators, issuers, investors and other intermediaries a reference point for developing ESG practice in securitisation which enhances transparency and comparability in the Australian market.

Treasury's report to Goverment on its review of the two-year legislative review of the Australian Business Securitisation Fund (ABSF).  The report was tabled in the Senate on 1 April.

Treasury's report to Goverment on its review of the two-year legislative review of the Australian Business Securitisation Fund (ABSF).  The report was tabled in the Senate on 1 April.

Public consultation on exposure draft Deposit Takers Bill (DTB) – ASF New Zealand subcommittee submission to the Reserve Bank of New Zealand.

Australian Business Securitisation Fund Review consultation – Australian Securitisation Forum Response to Treasury

The European Mortgage Federation's annual statistical publication encompassing data on recent developments in housing and mortgage markets in Europe and beyond (uincluding Australia, the UK and USA).
 

Australian Securitisation Forum’s submission to the Finance and Expenditure Committee on the Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill (New Zealand).

A benchmark and comprehensive source of information on the covered bond asset class.

ASF response to those parts of the “EU targeted consultation on the functioning of the EU securitisation framework” relevant to and impacting on ‘third country’ investment.  The response is aligned with the responses provided by both the Association for Financial Markets in Europe (AFME) and the US Structured Finance Association (SFA). View the consultation here. 
 

Finalised repo eligibilty criteria relating to robust fallback provisions for securities referencing BBSW (RBA).

On 10 September, APRA wrote to locally-incorporated ADIs subject to the Liquidity Coverage Ratio (LCR) to advise that it expects them to reduce their use of the Committed Liquidity Facility (CLF) to zero by the end of 2022. In the letter, APRA noted that the use of the CLF should no longer be required beyond 2022 because APRA and the RBA expect there to be sufficient high-quality liquid assets (HQLA) for ADIs to meet their LCR requirements without the need to utilise the CLF. 

Treatment and reporting of loans and accounts that have been classified as COVID-19 support cases - updated 9 August 2021, following the release of updated guidance by APRA.

The purpose of this template is to encourage a more standard approach to reporting commercial securitisations (secured and unsecured) which local and offshore investors are receptive towards. Download template XL >

Following amendments to the EU Securitisation Regulations which were passed by the European Parliament on 25 March and became law on 9 April 2021, the ASF has published guidance for its members on new EU Securitisation Regulation Article 4 notification obligations...

ESAs’ Opinion to the European Commission on the Jurisdictional Scope of Application of the Securitisation Regulation
 

March 2021 - General framework for securitisation and specific framework for simple, transparent and standardised securitisation to help the recovery from the
COVID-19 crisis.

RBA request for feedback from ASF - 1 February 2021

ASF response to RBA's request for feedback on BBSW fallbacks in RBA-eligible securities

Article by Jennifer Hellerud, Director and Head of Securitisation (Australia) at RBC Capital Markets, who moderated the ASF's Market Perspectives 2021 briefing. The panellists reviewed the challenges of 2020 and surveyed the 2021 landscape for securitisation markets in Australia and Europe.

This Submission focused on the proposed exemptions for financing transactions...

Useful links to ISDA information on IBOR fallbacks, launched by ISDA on 23 October 2020.

A benchmark and comprehensive source of information on the covered bond asset class.

A submission to Crown Treasury by the ASF's New Zealand market sub-committee...

Published on 19 October 2020, this guidance note covers:

Published on 22 September 2020, this report summarises ASIC's findings of its surveillance of debt capital raising practices and selected transactions (2018–2020). 

The ASF's high-level summary of the SFSF forbearance SPV...

Commentary from Fitch, S&P Global and Moody's on the impact of the AOFM's forbearance SPV on rated rusts that access the facility...

Submission for the ASF New Zealand market sub-committee to the RBNZ outlining key functionality sought by the industry in NZClear.

The Australian Prudential Regulation Authority (APRA) has published a FAQ providing guidance under Prudential Standard APS 120 Securitisation to authorised deposit-taking institutions in repurchasing loans from securitisations in response to COVID-19 repayment deferrals.

APRA has announced an extension of its temporary capital treatment for bank loans with repayment deferrals

ISDA, Bloomberg and Linklaters have published a new IBOR Fallbacks factsheet that provides an overview of the calculation methodology and implementation of fallbacks for derivatives referenced to interbank offered rates (IBORs). The paper also sets out details of how to access the fallback rates when they are published by Bloomberg.

The SFSF’s investments in primary and secondary public term transactions, and commitments under private warehouse transactions, can be found in this spreadsheet.

ASIC's revised timetable of ongoing work including information on proposed timing of consultations and release of regulatory guidance.

A submission by the ASF's New Zealand Market subcommittee to New Zealand’s Overseas Investment Office supporting the proposed changes and advocating that the changes will remove unintended costs and time delays for lenders and ensure an efficient flow of funds to borrowers without affecting the purpose of the OIO Act.
 

Central repository for information from ISDA relating to financial benchmark reform.

A European Covered Bond Council publication looking at the current state of play in the global covered bond market regulatory environment and impact of Basel III reforms.

A letter to the NZ Ministry of Business, Innovation and Employment requesting COVID-19 relief from the Credit Contracts and Consumer Finance Act 2003 for non-bank lenders.

A letter to the RBNZ highlighting some of the issues the New Zealand non-bank sector is facing as a direct result of COVID-19 and the resultant mandatory lockdown.

ASF submission to ASIC outlining the potential impact of matters contemplated in the DDO provisions, and the ASF’s recommendations to address the issues raised by this consultation.

ASF submission to the Australian Registrars National Electronic Conveyancing Council (ARNECC)’s consultation on its proposed new Verification of Identity (VOI) rules for mortgagees.
 

Submission from the ASF's New Zealand Market Subcommittee to the RBNZ highlighting some areas of concern with the new NZClear clearing & settlements system.

Submission to the Treasurer of Western Australia on the impact of the State Revenue Laws Amendment Act 2019 on securitisation of equipment finance receivables

Submission to the Treasurer of Victoria (State Revenue Office) on the impact of the State Taxation Acts Amendment Act 2019 on securitisation of equipment finance receivables

The Basel Committee on Banking Supervision (BCBS) is the primary global standard setter for the prudential regulation of banks and provides a forum for regular cooperation on banking supervisory matters. 

SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. 

The peak national body representing over 13,500 professional finance brokers.

The Finance and Treasury Association (FTA) is the peak professional body in Australia for corporate treasurers and senior financial risk managers. 

The leading professional association for finance and mortgage brokers

The Australian Financial Markets Association (AFMA) is the leading industry association promoting efficiency, integrity and professionalism in Australia's financial markets – including the capital, credit, derivatives, foreign exchange and other specialist markets.

The Australian Banking Association’s membership is comprised of 22 banks from across Australia. The ABA works with government, regulators and other community stakeholders to ensure Australia’s banking customers continue to benefit from a stable, competitive and accessible banking industry.

International securitisation body

International securitisation bodies

International securitisation body

Feedback from Australian securitisation industry participants on the current and future use of interest rate benchmarks...

Submission to AOFM on draft Australian Business Securitisation Fund investment principles

Letter to APRA on EFS data collection - proposed changes to reporting consolidation for securitisation SPVs

Submission to Senate Economics Legislation Committee on Australian Business Securitisation Fund proposed legislation

Submission to New Zealand Treasury's consultation 'Phase 2 of the Reserve Bank Act Review: Safeguarding the future of our financial system

Submission to Japanese Financial Services Agency's consultation on proposed securitisation regulations

Submission to Japanese Financial Services Agency's consultation on proposed securitisation regulations

Submission to Treasury on Australian Business Securitisation Fund proposed legislation