RegionsNorth AmericaSecuritisation Lobby Rift as Directors Quit

Securitisation Lobby Rift as Directors Quit

An exodus of directors at the American Securitisation Forum (ASF), the main trade association for the securitisation industry, has put a question mark over the future of the group according to reports.

Citing individuals who have knowledge of the matter, the press reports suggest that most of the group’s board have resigned in a dispute with its executive director over the issues of governance and bonuses. Members believed to have quit include Bank of America (BoA), JP Morgan Chase (JPM), Deutsche Bank, Citigroup and the law firm of Cadwalader Wickersham & Taft.

The resignations were apparently triggered by a failed board attempt to remove the ASF’s executive director, Tom Deutsch, which proved unsuccessful due to the language used in the association’s governing documents. Part of the dispute is believed to have been triggered by bonuses paid to Deutsch, who issued a statement that read: “We remain focused on the advocacy and educational needs of all of the interests in the structured finance industry.”

He added that negotiations since 2010 over the ASF’s separation from the Securities Industry and Financial Markets Association (SIFMA) had proved more difficult than expected.

Comments are closed.

Subscribe to get your daily business insights

Whitepapers & Resources

2021 Transaction Banking Services Survey
Banking

2021 Transaction Banking Services Survey

2y
CGI Transaction Banking Survey 2020

CGI Transaction Banking Survey 2020

4y
TIS Sanction Screening Survey Report
Payments

TIS Sanction Screening Survey Report

5y
Enhancing your strategic position: Digitalization in Treasury
Payments

Enhancing your strategic position: Digitalization in Treasury

5y
Netting: An Immersive Guide to Global Reconciliation

Netting: An Immersive Guide to Global Reconciliation

5y