IOSCO veröffentlicht Due-Diligence-Leitfaden für Strukturierte Finanzierungen
Das Technische Komitee der International Organization of Securities Commissions (IOSCO) hat Mitte Juli seinen finalen Report zur Manager Due Diligence bei Investments in Strukturierte Finanzierungen veröffentlicht. Der Report beinhaltet Due-Diligence-Leitlinien für Asset Manager, Investoren und Aufsichtsbehörden bei der Offerierung von strukturierten Produkten (Structured Finance Instruments, SFI) über sog. Collective Investment Schemes (CIS).
Fünf Key Messages werden herauskristallisiert:
- Investing in a SFI is different from investing in a more traditional instrument often referred to as a plain vanilla instrument. The risks are different, and call for a tailored due diligence process.
- If you do not understand a SFI, do not buy it.
- Due diligence is and must remain a value-added process. It is not and must never become a plain box-ticking process.
- Due diligence is generally a three step, and iterative process, which is structured around the understanding of the underlying assets of the SFI, of its structure and of how it fits into the CIS’s mandate.
- Due diligence is not a static process. It is an on-going process, which starts at the time the initial investment in the SFI is contemplated and ends when the SFI matures or is divested
Anschliessend werden in fünf Schritten die wesentlichen Inhalte des Due-Diligence-Prozesses erläutert, welche Key Practices, Analyse der Underlyings, Analyse der Struktur, Zusammenhang von SFI und CIS sowie die Berücksichtigung von Dritten Parteien, z. B. Service Providern, enthält.
