The PCS Initiative is composed of the PCS Association, a Belgian not-for-profit association and the PCS Secretariat, a United Kingdom registered limited company.
The PCS Association is the governing body for PCS, setting the eligibility criteria for the PCS Labels and guiding the PCS initiative.
The PCS Secretariat operates the PCS Labels under an agreement with the PCS Association. It is the PCS Secretariat that deals with issuers seeking a label for their transactions, runs the day to day operations of PCS and awards a PCS Label in accordance with the rules, procedures and criteria established by the PCS Association.
The PCS Association is a Belgian ‘association sans but lucratif’ (a not for profit unincorporated association). It has its registered office in Brussels. It has 44 members who have a vote in the annual assembly. For a list of the PCS Association members please go here.
Its governing body a Board of Directors of nine headed by a Chairperson. The Board and the Chairperson are elected by the members. The list of Board members and the Chairperson can be found here.
In addition to the members, the PCS Association has Permanent Observers who are entitled to attend all its meetings and receive all the association papers. The Permanent Observers are not members though and do not have a vote. The list of Permanent Observers can be found here.
The Board of the PCS Association has the primary responsibility for the criteria for both PCS Labels, for the development on new standards and for overseeing the PCS Initiative’s advocacy. To assist it, the Board has constituted a Market Committee, composed of experts from all parts of the market. The Market Committee has the role of advising the Board on label criteria and new developments in the market. The Market Committee also has a role as an appeal body over any decision by the PCS Secretariat not to award a label. The list of Market Committee members can be found here.
The PCS Secretariat is a United Kingdom limited liability company, Prime Collateralised Securities (PCS) UK Limited, with its registered office in London. Based in London, it has day to day responsibility in the management of the PCS Labels.
The PCS Secretariat awards the PCS Labels under an agreement with the PCS Association in accordance with the eligibility criteria and the procedures laid down by the PCS Association.
The PCS Secretariat is governed by a UK board of Directors.
When seeking a label, market participants will contract with the PCS Secretariat. Many of the tasks required to award a label are delegated by the PCS Secretariat to Screening Partners who verify the information provided by applicants.
The Screening Partners operate under contracts with the PCS Secretariat.
For more information on the Screening Partners, please click here.
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