Securitisation and Regulation News

FSA: The Turner Review - A regulatory response to the global banking crisis, March 2009

Was lief falsch? Wie ist die Welt dahin gekommen, wo sie heute mit der Finanzkrise steht? Und wie können zukünftig derartige Krise verhindert werden? Der Turner-Report vom März 2009 geht diesen Fragen nach. Im Vorwort heißt es:

„But it is clear that however effective the policy response, the economic cost of the financial crisis will be very large. We therefore need to ask profound questions about what went wrong, whether past intellectual assumptions about the nature of financial risk were seriously mistaken, and what needs to be done to reduce the probability and the severity of future financial crises” …. “This Review responds to that remit, focusing on the fundamental and long-term questions. It does not address the short-term challenge of macroeconomic management over the next few years, though it does comment on ways in which the transition path to new more stable arrangements must be managed in the light of that short-term challenge. And its focus is on banking and bank-like institutions, and not on other areas of the financial services industry.”

Als Wesentlich für das Finanzsystem werden “runderneuerte” Verbriefungsmärkte angesehen:

A reasonable judgement therefore is that future system for credit intermediation will and should involve a combination of traditional on-balance sheet mechanisms and securitisation. The challenge is to design regulatory responses which will produce a safer version of the securitised credit model – less complex, more transparent to end investors, with less packaging and trading of securitised credit through multiple balance sheets, more true distribution to end investors and more real risk diversification.“

Die Zukunft der Verbriefung wird damit mehr dem „deutschen Modell“, wie es bei „balancesheet“-Verbriefungen im regulatorischen Rahmen des KWG über die TSI-Plattform und die TSI-Zertifizierung praktiziert wird, als dem „angelsächsischen originate to distribute Verbriefungsmodell" entsprechen.

The Turner Review