Piecemeal approach to regulatory reform threatens to stall recovery of securitisation market

Early on in the financial crisis, the US authorities viewed fixing the securitisation market as critical to getting credit flowing through the economy again. But a plethora of regulatory changes could endanger the longer-term prospects of the industry.

Deeply shaken by the financial crisis, the US securitisation industry this year faces fundamental changes as a result of reform measures proposed or already taken by accounting standard-setters, regulators and legislators. The collective decisions