12 July 2007
As you may be aware APRA yesterday released a final draft of APS 120 which aims to incorporate the Basel II Framework and other market-related amendments into the existing prudential framework for securitisation. This follows APRA's release in November 2006 of the first revised draft APS 120 and its review of submissions from the industry (and others) in relation to that first draft.
We are in the process of reviewing the final draft and preparing a briefing paper in relation to the changes. We also have available a blackline of the final draft showing the changes from the November 2006 draft. Please let us know if you would like to receive a copy.
The final draft and APRA's written response to the submissions received by it from the securitisation industry on the November 2006 draft are here.
We recommend you read the APRA response as it provides a good summary of the main issues.
APRA has invited comment on the final draft. Submissions are due by 10 August 2007.
