There are around 15 to 20 comment letters that have been submitted to the International Organization of Securities Commission's (IOSCO) consultation report titled Global Developments in Securitization Regulation. The report was prepared at the request of the Financial Stability Board (FSB) as part of the its efforts to strengthen the shadow banking system's oversight and regulation.

In its response, the Global Financial Markets Association (GFMA) said that it supports IOSCO's efforts to analyze industry initiatives on risk retention, transparency and disclosure standardization. However, among these three, GFMA emphasized its support for IOSCO's push to identify and address material differences in relevant risk retention initiatives. GFMA agrees with IOSCO's acknowledgment of the possible problems that might arise in cross-border securitizations where there are considerable variations in the retention requirements under the European Union and U.S. regimes.

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