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Securities lending

ICMA, together with a number of other UK financial trade associations, has published a range of educational materials, designed to enhance pension fund trustees’ understanding of the securities lending market.

The documents include an introductory guide and checklist for investors contemplating starting securities lending programmes, as well as a disclosure code of guidance for securities lending agents.

The materials were jointly developed at the instigation of the Bank of England’s Securities Lending and Repo Committee (SLRC) and are endorsed by the Association of British Insurers, British Bankers Association, ICMA European Repo Council*, Investment Management Association, International Securities Lending Association (ISLA), Local Authority Pension Fund Forum, National Association of Pension Funds (NAPF), as well as securities services consultant Thomas Murray.


The group worked closely with the Financial Services Authority, Bank of England, HM Treasury and the Pensions Regulator.


Links:

Press release

Securities Lending: An introductory guide

Securities Lending: Agent Disclosure Code of Guidance

Securities Lending: Checklist for Lenders

Bank of England SLRC Website


For more information on securities lending please contact ISLA.


*On 4 December 2015, the name of the European Repo Council (ERC) was changed to the European Repo and Collateral Council (ERCC).