Submissions to Australian Policy & Regulatory Agencies
Australian securitisation industry lodges submission on proposed FATCA Inter-Governmental Agreement
2 October 2012
The Foreign Account Tax Compliance Act (‘FATCA’) will require foreign financial institutions (‘FFIs’) to report directly to the US IRS certain information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. The Australian Securitisation Forum made a submission highlighting the advantages and disadvantages of an intergovernmental agreement (IGA) between Australia and the US (based on the published US Model IGA), which will hopefully alleviate many of the practical challenges for Australian securitisation vehicles. IGAs are an alternative to individual agreements between Australian financial institutions and the US Internal Revenue Service. Read the full submission and visit Treasury’s IGA consultation page. We thank King & Wood Mallesons for their assistance in drafting the industry position.
ASF provides supplementary information on notice from Senate
18 September 2012
The Senate Economics References Committee asked the ASF during its recent meeting at Parliament House to provide further information in relation to 'lo-doc' residential mortgages in the context of securitisation. Read the reply.
Submission to the Senate Inquiry into the post-GFC Banking Sector
8 August 2012
ASF has made a submission to the above senate inquiry. Our response highlights the changes in the shape, nature and scale of Australia’s banking sector post the 2008 financial crisis, as observed by ASF members. The responses are focused on the Australian securitisation market and its participants, particularly residential mortgage lenders that have been particularly affected by the funding challenges in the wake of the global financial crisis. To read our submission, click here.
Submission to Queensland Office of State Revenue
4 April 2012
ASF has made its most recent submission to QLD Office of State Revenue in a bid to have Queensland treatment of covered bond collateral brought in to line with the rest of the nation. Our letter can be found here. Thanks to John Loxton of Clayton Utz for leading this piece of work.
Moody's Investors Service - Response to proposed updates to MILAN collateral analysis methodology
28 February 2012
Submissions to Overseas Policy & Regulatory Agencies
Request for Permanent Extraterritoriality Exemption from Requirements of Rule 17g-5 under Exchange Act
28 August 2012
Read the joint Australian Securitisation Forum and American Securitization Forum letter to the SEC to again request them to exempt non-US ABS from Rule 17g5.
IOSCO Consultation on Global Developments in Securitisation Regulation
16 August 2012
ASF responds to latest consultation, urging international co-ordination of jurisdictional implementation, supporting IOSCO's efforts to identify and address material differences in relevant risk retention initiatives. Given the global nature of the securitisation market and the importance of cross-border liquidity to this market, we noted that IOSCO's comparative work on risk retention to be particularly important.
Comment letter to the IOSCO consultation report on Principles for Ongoing Disclosure of Asset-Backed Securities
14 May 2012
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