APRA offers significant concessions to securitisers in new APS 120 draft

The latest draft version of APS 120, the Australian Prudential Regulation Authority (APRA) rules governing securitisation, offers securitisers more user-friendly oversight than that set out in previous iterations of the standard. Significant moves include a potentially lighter-touch warehouse regime, the removal of a range of restrictions which many believed would block the development of master trusts in Australia, and the end of proposed 'skin in the game' requirements.