NEW YORK, March 7 /PRNewswire/ -- The American Securitization Forum (ASF)
today announced the election of its executive leadership, naming Vernon
Wright, senior vice chairman and chief corporate finance officer, MBNA America
Bank, as chairman. Greg Medcraft, global head of Securitisation at Societe
Generale, will serve as deputy chairman; Jason Kravitt, senior partner, Mayer,
Brown, Rowe & Maw, as secretary; and Joseph Donovan, managing director, Credit
Suisse First Boston, will serve as the group's treasurer.
A sponsorship group of approximately 40 representatives of the U.S.
securitization industry met here to elect the ASF's leadership, finalize its
organizational structure and outline the new group's agenda and near-term
plans. The ASF is being formed in response to broad industry demand for a
collective market voice on important issues in the U.S. securitization
industry.
The group's membership is broadly representative of the U.S.
securitization market and is made up of issuers, investors, financial
intermediaries, trustees, law firms, guarantors, accounting firms and rating
agencies, among others. Representatives from these entities form the ASF's
executive committee, selected to balance the mix of ASF membership. The ASF
will conduct its business through a network of standing committees and
subcommittees, as described below.
In addition to electing the ASF's executive leadership, the sponsoring
group also elected the ASF's initial Executive Committee, which will serve as
the Forum's principal policy-making and decision-making body.
The ASF's Executive Committee will consist of representatives of the
following firms (grouped according to various ASF membership categories,
indicated in parentheses): State Street Global Advisors and Federated
Investors (Investors); GE Capital, GMAC-RFC, MBNA America Bank, Societe
Generale and JP Morgan Chase (Issuers); Bear, Stearns, Lehman Brothers,
Merrill Lynch, Morgan Stanley, Citigroup and Deutsche Bank (Financial
Intermediaries); Orrick, Herrington & Sutcliffe and Mayer, Brown, Rowe & Maw
(Law Firms); Deloitte & Touche LLP (Accounting Firm); Fitch, Moody's Investors
Service and Standard & Poor's (Rating Agencies). The group expects to elect
additional Executive Committee members from these and other membership
categories, and to name the specific individuals that will represent each of
these organizations on the Executive Committee, in the coming weeks.
In addition, the Executive Committee appointed a smaller Management
Committee to oversee the day-to-day management and operations of the ASF. In
addition to Messrs. Wright, Medcraft, Kravitt and Donovan, members of the
Management Committee include Cameron Cowan of Orrick, Herrington & Sutcliffe;
James Murray of Citigroup; Martin Rosenblatt of Deloitte & Touche, LLP; Daniel
Stachel of State Street Global Advisors; Brian Clarkson of Moody's Investors
Service; and Dianne Wold of GMAC-RFC.
Chairs of the ASF's various Subcommittees include Mr. Kravitt (the parent
Legal, Regulatory, Accounting and Tax Committee); Mr. Cowan (Legal
Subcommittee); Mr. Murray (Regulatory Subcommittee); Mr. Rosenblatt
(Accounting and Tax Subcommittee); Mr. Stachel (Market Standards and Practices
Subcommittee); Mr. Clarkson (Budget and Membership Subcommittee); and Ms. Wold
(Communication and Education Subcommittee).
"The American Securitization Forum is fortunate to have such an
experienced and talented group of securitization market professionals serving
within its leadership ranks," said Vernon Wright, the newly-elected chairman.
"We look forward to the contributions that they and all ASF members will make,
through their participation in this collective forum, to advance the interests
of our industry," he added.
The Legal Subcommittee will focus on judicial and legislative developments
affecting the securitization markets, with the Regulatory Subcommittee
focusing on securities and bank regulatory issues, such as securities
registration and disclosure rules and bank capital adequacy regulations. The
Accounting and Tax Subcommittee will concentrate on accounting, financial
disclosure and tax issues affecting securitization activities.
The Market Standards and Practices Subcommittee is charged with developing
uniform industry guidelines, standards and practices that may increase market
efficiency, in areas such as investor reporting, new issue syndication, and
standard documentation.
The Budget and Membership Subcommittee will oversee the ASF's budgetary
and financial matters, and will be responsible for ASF membership recruitment
efforts.
The Communications and Education Subcommittee will oversee the ASF's
communications, educational and information initiatives, which may include the
production of educational materials, organizing events and conferences, and
other initiatives targeting a broad range of both internal (e.g., industry)
and external (e.g., legislative, regulatory, media) constituencies.
Where appropriate, the ASF -- which is being established as an adjunct of
The Bond Market Association -- will coordinate its activities with the
Association's Mortgage- and Asset-Backed Division, the European Securitisation
Forum, the Australian Securitisation Forum and the Asian Securitisation Forum,
currently in formation, to act as a constructive force in the global
securitization markets.
"The Bond Market Association is excited to have the opportunity to work in
partnership with the ASF," said George Miller, association senior vice
president. "The relevance and profile of the domestic securitization industry
will be greatly enhanced on a range of important issues by the creation of
this new, broadly-based group," he added.
Over the near term, the ASF will be focusing primarily on filling in its
membership ranks, organizing initial meetings of various committees and
subcommittees, and developing and refining the group's substantive and
programmatic agenda and priorities. In addition, the ASF is in the process of
recruiting a small, full-time staff, including an executive director, who will
serve as the principal staff manager and advisor to the organization.
The Bond Market Association represents securities firms and banks that
underwrite, trade and sell debt securities both domestically and
internationally.
SOURCE The Bond Market Association and The American
Securitization Forum
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Related links:
http://www.bondmarkets.com
CONTACT:
Myra L. Dandridge of The Bond Market
Association, +1-202-434-8421
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