The PCS Europe Board has agreed to change of the end of the PCS Interim Period from August 15, 2013 to September 11, 2013.
The Interim Period allows Originators to evidence certain items (such as the audit or certain reps and warranties) in the Originator Certificate rather than the prospectus. The market committee will be proposing a number of changes to the PCS criteria at the next PCS market committee and PCS Board Meetings.
This has lead to a real practical issue for a number of issuers who intend to apply for a PCS Label before the next PCS Board meeting. In essence, given that approval of any changes is not certain and is subject to Board approval, issuers are not certain what to put in their prospectuses (which are being drafted now) in the period between August 15 and September 11, 2013.
To give some certainty to issuers applying for a PCS label in this period, or at least not to have a new PCS regime applying for only three weeks in this period, the PCS Europe Board have therefore extended the current interim period from August 15, 2013 to September 11, 2013, when the next PCS Europe Board meeting takes place.