Trade associations eye new initiatives regarding misuse of nonpublic information

By Sara Rosenberg

New York, Dec. 13 - Twelve trade associations have grouped together pledging to undertake various initiatives to inform, educate and provide additional guidance to their members, non-members and other interested parties alike regarding the inappropriate use of material nonpublic information, according to a news release.

Policies and procedures have been in place for a long time on how to handle material nonpublic information and fully comply with securities laws and regulations.

However, the associations said that since even the perception of misuse has the potential to erode confidence in the integrity, as well as the liquidity and efficiency of the securities and derivatives markets, it is important to maintain a focus on this issue in the midst of the complex and ever changing financial markets.

The associations that have made the pledge include Asia Pacific Loan Market Association, American Securitization Forum, Asian Securities Industry and Financial Markets Association, European High Yield Association, European Securitisation Forum, International Association of Credit Portfolio Managers, Inc., International Swaps and Derivatives Association, Loan Market Association, The Loan Syndications and Trading Association, London Investment Banking Association, Managed Funds Association, and Securities Industry and Financial Markets Association.

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