The aim of the Prime Collateralised Securities (“PCS”) initiative is, and has always been, to strengthen the securitisation market as a sustainable investment and funding tool for both investors and originators with the aim of improving market resilience in Europe, promoting growth in the real economy whilst, at all times, maintaining standards of quality, transparency, and simplicity.
By building on the lessons of the crisis of 2007/2008, the PCS initiative – as an independent entity – has sought to define and promote standards of “best practice” in both the “true sale” and “risk transfer” asset backed markets: standards of quality, transparency and simplicity.
Through its role in helping define these standards, its advocacy role in promoting them and its label, awarded to securitisations that meet them, PCS seeks to re-vitalise a healthy asset-backed market that directly benefits the real economy.
With the arrival, in 2019, of a new regulatory framework for European securitisation, revolving around a new standard – “the simple, transparent and standardised (STS) standard”, PCS also seeks to assist all stakeholders in this market to transition to this new regime. Once it is in place, PCS further intends play a major role in supporting its functioning.
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