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IOSCO publishes Final Report on 11 principles for ABS disclosure

  • By: Jonathan Boyd
  • 28 Nov 2012
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The International Organization of Securities Commissions has published 11 Principles in its Final Report on disclosure regimes that local regulators ought to demand from providers of ABS investments.

The Principles are intended for use by regulators when developing or reviewing their regulatory regimes in regards to ongoing disclosure for asset backed securities (ABS).

Driving the project has been recognition that investors need better protection through improved understanding of the issues that regulators are considering in relation to disclosure regimes for ABS.

The 11 Principles are:

Updated information regarding the ABS should be disclosed in reports prepared on an annual and other periodic basis, as appropriate to the type of information to be disclosed and its usefulness to investors.
2  The occurrence of material events and other current or ad hoc information should be disclosed in event-based disclosure reports.
3  Periodic and event-based disclosure should contain sufficient information in order to increase the transparency of information for investors and to allow investors to independently perform due diligence in their investment decisions regarding the specific ABS.
4  The information disclosed in ongoing reports should not be misleading or deceptive and should not contain any material omission of information. Moreover, information disclosed in an ongoing report should be presented in a clear and concise manner without reliance on boilerplate language.
5  Disclosure should be presented in a format that facilitates the analysis of information by investors.
6  The person or entity responsible for publishing the disclosure and the person or entity responsible for gathering the information from other persons or entities involved in the ABS should be clearly identified.
7  The information provided in the ongoing report should be disclosed in a timely manner, such that the information is sufficiently current and disclosed with sufficient frequency so as to be of use to investors.
8  Material information that is disclosed to any investor, market participant or other third party should be provided to all investors, market participants and other third parties at the same time.
9  If securities are listed or admitted to trading in more than one jurisdiction, the material periodic information made available to one market should be made available promptly to all markets in which they are listed.
10  Ongoing reports should be filed with the relevant regulator or otherwise made available in compliance with applicable regulations to permit regulators to review the reports, when appropriate, to ensure compliance with the relevant laws and regulations.
11   The relevant law or regulation should ensure that there is storage of the ongoing information in order to facilitate public access to the information

Click here to read the full Final Report -Principles for Ongoing Disclosure for Asset Backed Securities

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