Finance Association Releases Report on Industry Reforms

The Institute of International Finance, an association of leading financial services firms with more than 380 members across the world, released a 200-page report detailing best practice reforms for the industry. The report represents the global industry’s response to the turmoil in financial markets that was triggered by the U.S. subprime mortgage market crisis in mid-2007.  The report proposes Principles of Conduct together with Best Practice Recommendations on critical issues such as risk management, compensation policies, valuation of assets, liquidity management, underwriting and the rating of structured products as well as boosting transparency and disclosure.