There is a strong consensus amongst observers of the European financial landscape that the Commission’s moves towards a “simple, transparent and standardised” securitisation regulatory regime are a very positive development. Yet a number of market participants have also expressed concerns that, notwithstanding potentially good rules, the new regime could still fail to bring investors back to securitisation. The worry is that regulatory risks and costs could overwhelm the benefits of investing. PCS has just published a paper looking at these issues and putting forward proposals for a structure that would “operationalise” the new regulatory regime in an efficient and effective way. This proposal, in our view, balances the requirements of a prudential approach, the correct allocation of responsabilities as between issuers and investors and efficiency. The paper, “certification in the context of a regulatory framework for securitisation“, was part of our response to the EC consultation.