Global PSSL clarifies its position on securities lending trade associations collaboration
25 October 2021 UK
Image: IRStone/stock.adobe.com
Global Principles for Sustainable Securities Lending (Global PSSL) has not been invited to participate in the formative discussion with the securities lending trade associations working group for global collaboration, according to founder and CEO Radek Stech.
After being asked if Global PSSL intends to collaborate with the working group, Stech reiterated the organisation's position as an “authentic, holistic, inclusive and far-reaching market standard”.
Addressing opening signatories, contributors, supporters, observers, central banks, regulators and auditors, Stech says: “I always emphasise that Global PSSL is not a trade association. We are a not-for-profit organisation with a public community interest at heart, whereas trade associations represent the commercial interests of their members. These two concepts cannot be conflated; Global PSSL is only legally authorised to work towards the public community interest.
“Historically, Global PSSL has always attempted to include the entire community of securities lending practitioners. Encouraged by several beneficial owners in the past, I have involved trade associations as part of The Global Principles for Sustainable Securities Lending process, even before publishing the first draft of the principles in early 2020. And I have included many companies which belong to those trade associations in our internal meetings throughout 2020 and 2021.”
After being asked if Global PSSL intends to collaborate with the working group, Stech reiterated the organisation's position as an “authentic, holistic, inclusive and far-reaching market standard”.
Addressing opening signatories, contributors, supporters, observers, central banks, regulators and auditors, Stech says: “I always emphasise that Global PSSL is not a trade association. We are a not-for-profit organisation with a public community interest at heart, whereas trade associations represent the commercial interests of their members. These two concepts cannot be conflated; Global PSSL is only legally authorised to work towards the public community interest.
“Historically, Global PSSL has always attempted to include the entire community of securities lending practitioners. Encouraged by several beneficial owners in the past, I have involved trade associations as part of The Global Principles for Sustainable Securities Lending process, even before publishing the first draft of the principles in early 2020. And I have included many companies which belong to those trade associations in our internal meetings throughout 2020 and 2021.”
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