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Better Barking for ABS: Reform Proposals for the Asset-Backed Securities Market

  • David C. Allan

    (Tao Group of Companies)

  • Philippe Bergevin

    (C.D. Howe Institute)

Registered author(s):

    The market for asset-backed securities (ABS) – financial instruments backed by underlying assets such as mortgages – suffered a major setback in 2007, as a cascade of downgrades and defaults brought turmoil to credit markets and the world economy. Authorities in the United States have since proposed sweeping changes to the ABS market. The Canadian Securities Administrators, representing provincial securities commissions, recently released a discussion paper proposing similar reforms, which would require: (i) sharply enhanced transparency in ABS structures, (ii) CEO certification of the adequacy of such structures, and (iii) disclosure of previous asset repurchases by the securities’ sponsor.

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    File URL: http://www.cdhowe.org/pdf/ebrief_123.pdf
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    Paper provided by C.D. Howe Institute in its series e-briefs with number 123.

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    Length: 4 pages
    Date of creation: Sep 2011
    Date of revision:
    Publication status: Published on the C.D. Howe Institute website, September 2011
    Handle: RePEc:cdh:ebrief:123
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    1. David C. Allan & Philippe Bergevin, 2010. "The Canadian ABS Market: Where Do We Go From Here?," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 315, November.
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