On February 15, MFA submitted comments to IOSCO in response to its consultation report on ‘Conflicts of interest and associated conduct risks during the debt capital raising process.’ The Association’s comments focused on the quality of information available to investors. MFA raised concerns that investors do not always have access to all relevant bond transaction documents, including, without limitation, collateral documents and intercreditor documents, as well as amendments and supplementary information. In the letter, MFA urged IOSCO to amend its guidance to regulators globally, as follows:
- Measure 3: Regulators should require the timely provision of all relevant information to investors in a debt securities offering, including, without limitation, all deeds and agreements governing the debt securities, including any collateral and intercreditor agreements (together with all amendments and supplements thereto), where distribution of such information is permitted under local law.
