When the PCS criteria were first published, we made it clear that these criteria, representing a view of what was “best practice” in the securitisation field, were a living construct. Over time, it was anticipated that changes would be made. Therefore, 18 months on, PCS is introducing its first substantial revision of the criteria. This revision, although introducing some important changes, does not substantially alter principles and rules of the label. The vast majority of the criteria remain untouched. Some are strengthened and new criteria have been introduced, raising the standard enshrined in the label. A very few criteria have been softened or removed when they proved not to add anything to the quality represented by our label.
To aid in the understanding of the changes, PCS is publishing a summary of the changes together with three iterative versions of the amendments together with the final master version. Each version (named 7.1, 7.2 and 7.3) builds on the earlier one showing the incremental changes so that 7.2 includes the changes in 7.1 and 7.3 the changes in 7.2 and 7.1. The summary explains how these versions link up with each other. We felt this, although at first glance a little cumbersome, would make the understanding of the changes easier than a single master version containing many amendments of differing importance. We strongly advise you to read the summary to see how we have improved the label as well as made our criteria simply more accessible.