Our regulatory and business environment gets more and more complex. New laws are issued existing regulations are changed. Often legislators and regulators lack the detailed technical knowledge on all the multitude of transaction banking products and the risk mitigation related thereto to create the perfect playing field for our members.

In order to maintain or improve the legal framework in which our members can carry out their business, ITFA has started to engage in a dialogue with key stakeholders of governments and administrations in different regions.

Among other things, ITFA has managed to include additional wording related to the use of insurance as risk mitigant into the CRR – the Capital Requirements Regulation which implements Basel rules in the EU. ITFA is also engaged with the Fed in the US to improve regulation for Credit Risk Insurance. Further ITFA has been involved in the industry response to the initiative of the European Commission to change the Late Payment Directive. The implementation of MLETR in Europe is another topic which is important for our membership.

In order to coordinate all these efforts and to detect regulatory challenges and react even faster to them, ITFA has decides to set up the Advocacy Committee. The Committee is still being constituted and its members will be announced after the Conference in September. Any ITFA member interested to contribute to this Committee kindly contact the chair of the AC, Silja Calac, via our mail address (info@itfa.org).

Chair

Silja Calac of Banco Santander

Head of Advocacy Group and Head of Treasury