The European Life Settlement Association publishes today, November 29th, the revised and updated fourth edition of its Code of Practice.

The new Code, which takes effect immediately, includes significant new compliance requirements for ELSA members in the areas of COI increases, valuation, performance attribution, performance fees, data security, medical record updates, external data sources, and overhead and leverage disclosure.

Simon Erritt, former Chair of ELSA and current Chair of its Code of Practice Committee, is presenting the new Code at ELSA’s Autumn Symposium held this afternoon at the offices of Arthur Cox in Dublin.

The key note speaker at the Symposium is Maurizio Pastore, Vice President of International Primary Markets at the Irish Stock Exchange.

Commenting on the new Code, Simon Erritt said: ‘ELSA published its first Code of Practice in 2010. It set new standards of compliance for its members and aimed to influence the life settlement industry to protect investors’ interests. This latest edition provides further requirements for its members to make clear potential risks to investors including those associated with COI increases. We urge all those interested in the future growth of the life settlement market to take note of the requirements highlighted in this new Code’.

Alec Taylor, Chair of ELSA, said: ‘We owe Simon Erritt and the members of ELSA’s Code of Practice Committee thanks for their work on this latest Code. It sets the bar higher for the industry by, among other things, outlining best practice in valuation, highlighting the importance of data security and demanding greater transparency for investors’.

Notes to Editors.
1. The new fourth edition is available on www.elsa-sls.org.
2. The members of ELSA’s Code of Practice Committee are: Simon Erritt, Managing Director of Coventry Capital; Alec Taylor, Marketing & Relationship Director at SL Investment Management; Gareth Mee, Executive Director of Ernst & Young; Michael Fasano, President at Fasano Associates; Beat Hess, Founding Partner at AA Partners; Jule Rousseau, Partner at Arent Fox; William Corry, General Partner at Corry Capital Advisors and Philip Siller, Co-CEO of BroadRiver.