The securitisation market's peak body, the Australian Securitisation Forum, will rewrite disclosure standards for issuers of mortgage backed and asset backed securities in a bid to improve the marketability of local issuance in the global credit market.The ASF has convened a market standards committee, under the leadership of industry veteran Vernon Spencer, and asked it to make recommendations for better disclosure in areas such as pre-issuance documents, due diligence documents, investor reports and arrears reporting.A spokesperson for the ASF said the market would benefit from a more consistent approach among issuers. A member of the committee, Deloitte partner Graham Mott, said: "The ASF does not have regulatory oversight of the securitisation market but it can issue practice principles and guidance for its members."What we are aiming to do is improve transparency and give investors better data."Fitch Ratings analyst Claire Heaton said it was a welcome move. She said issuers could improve transparency in a number of ways."We would like to see historical loss analysis. We don't get to see much vintage analysis from issuers here. "We would like to see more complete product information. Issuers tend to tell you it is full, low or no-doc but there are not many specifics about features and borrowers. "We would like to know, for example, how low low-doc really is. Have the bank statements been checked?""I'm sure investors would be interested in that sort of information too. The recent US experience has made everyone realise the importance of vintage. The year of origination can make a big difference."With arrears reports we would like greater clarity on the question of whether the issuer is using missed payments or scheduled balance (plotting the position of the borrower on the amortisation curve) as the method for calculating arrears. We don't always know."Mott said the committee had come together only recently and had not set a date for issuing new guidelines.