EFAMA, the ESF and the IMA jointly publish today the “Asset Management Industry Guidelines to Address Over-Reliance upon Ratings”, providing guidance for asset managers on the responsible use of ratings for securitisation, structured finance and structured credit products.
The Guidelines show the industry’s strong commitment to apply the lessons learned from the recent financial turmoil. They have been produced as a response to the call of the Financial Stability Forum (FSF) on investors to address their over-reliance on ratings and to review their standards of due diligence and credit analysis when investing in structured credit products.
The initial impetus for the Guidelines was the "Ten Industry Initiatives to Increase Transparency in the Securitisation Market", an industry-led initiative coordinated by the ESF and first announced in July 2008. EFAMA and the IMA subsequently prepared these Guidelines with the ESF.
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“The Guidelines demonstrate the industry’s strong commitment to appropriate standards of due diligence and credit analysis. A sound credit analysis is an integral part of the asset manager’s obligation to act professionally and in the best interest of its clients, and over-reliance on credit ratings should be avoided.”
Rick Watson, Managing Director of the European Securitisation Forum, notes:
“The securitisation industry is very committed to enhancing credit assessment processes by structured finance investors, as a means of reducing reliance on ratings. These principles are an important step in the development of maximum transparency in this industry.”
Guy Sears, Director, Wholesale IMA, adds:
“Our members manage other people’s money and act in their clients’ best interests. This means that when others rely on you, you should be able and willing to meet that expectation and not blindly follow what a CRA might say.”
The Guidelines are available on the associations’ websites:
www.efama.org
www.europeansecuritisation.com
www.investmentuk.org