IMN's annual Global ABS conference is set to return to its pre-crisis home of Barcelona, Spain in 2014, after spending three years in Brussels. But that doesn't mean regulatory concerns will take a back seat next year.
It’s true that regulators have begun to soften their view on securitization, but that improving sentiment has yet to translate into policy that benefits the industry. As it stands, issues like Solvency II and the capital requirements directive that are currently being drafted are poised to put the hurt on the securitization market.
Kevin Ingram, a partner at Clifford Chance, speaking at the end of the day panel on Wednesday, said that the main challenge for the industry this year has been regulation and he expects that the subject will emerge as a central theme at Global ABS 2014.
All of the panelists speaking Wednesday afternoon agreed. Harry Noutsos, global head of ABS at ING Bank Treasury said he hopes that the discussion in 2014 turns to deregulation of the market.
James Ahern, global head of securitization at Societe Generale said that another theme that is likely to emerge is a focus on deepening the European investor base.
At the moment, Ahern said, the central banks have only focused on unlocking liquidity for the banks. The next issue that needs to be tackled, he said, is “how do we bring back the investor in way that they feel confident.”
Ahern predicted that the central theme at Global ABS 2014 would be on “another year of survival”