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Association Issue Information Abuse Warning

A group of 12 industry associations last week issued a joint statement reaffirming their commitment, on behalf of the members and financial markets they represent, “to promote fair and competitive markets in which inappropriate use of material non-public information is not tolerated”.

The associations involved are; Asia Pacific Loan Market Association, American Securitization Forum, Asian Securities Industry and Financial Markets Association,

European High Yield Association, European Securitisation Forum, International Association of Credit Portfolio Managers, International Swaps and Derivatives Association, Loan Market Association, The Loan Syndications and Trading Association, London Investment Banking Association, Managed Funds Association, and the Securities Industry and Financial Markets Association.

In addition, the associations pledged to undertake various initiatives to inform, educate and provide additional guidance to their members, non-members, and other interested parties alike.

The associations stress that their members have long had appropriate policies and procedures in place for handling material non-public information and for fully complying with securities laws and regulations. However, since even the perception of misuse has the potential to erode confidence in the integrity, as well as the liquidity and efficiency of the securities and derivatives markets on which their members rely, the associations believe it is important to maintain a focus on this issue in the midst of the complex and ever changing financial markets.

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