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Joint Forum releases final version of Report on Special Purpose Entities
September 29, 2009:
The Joint Forum today released the final version of its paper entitled Report on
Special Purpose Entities. This paper serves two broad objectives. First, it provides
background on the variety of special purpose entities (SPEs) found across the
financial sectors, the motivations of market participants to make use of these
structures, and risk management issues that arise from their use. Second, it
suggests policy implications and issues for consideration by market participants
and the supervisory community.
John C Dugan, Chair of the Joint Forum and Comptroller of the Currency in the
United States, said today: “This paper significantly adds to the understanding of
the use of these vehicles, both on how they are structured and operate and on
how risk is transferred. This work will serve to inform supervisors and other market
participants of the benefits and risks associated with use of SPEs.” Mr. Dugan
added “Policymakers can use this analysis for important contextual background to
help advance the ongoing discussions on updating the regulatory and supervisory
landscape for structured finance transactions and securitization markets.”
The Joint Forum was established in 1996 under the aegis of the Basel Committee
on Banking Supervision, IOSCO, and the IAIS to deal with issues common to the
banking, securities and insurance sectors, including the supervision of financial
conglomerates.
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