The Australian Securitization Forum (ASF) appointed lawyer Stuart Fuller as its new chairman.

Fuller, who is a managing partner at Mallesons Stephen Jaques, replaces outgoing chairman Phil Vernon.

The ASF intends to step up its efforts to develop an appropriate way forward for securitization markets, Fuller said.

The ASF said it intends to pressure the Australian Office of Financial Management (AOFM) to widen the investment criteria of its mandate to purchase up to A$8 billion ($5.14 billion) of RMBS. It is also advocating for the Reserve Bank of Australia to widen its open market operations repurchase rules.

Fuller said that the ASF has seen promising results from the AOFM intervention, but said it would take a more concerted effort over time to address market dislocation.   

The ASF said it was continuing with its search for a new chief executive after its former chief executive Greg Medcraft was appointed as a commissioner of the Australian and Securities Investment Commission (ASIC).

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