In this section are a series of documents that will help readers to find their way around the new STS regime.

These include the original STS Regulation, together with a high-level contents page and a more detailed breakdown of the legislation to help readers navigate around the Regulation.

Additionally, we have included a list of the delegated legislation and guideline and recommendations envisaged by the Regulation, together with dates and the names of the authorities charged with their drafting.  This is designed to provide readers with a timetable towards implementation.

Finally, we have posted our PCS breakdown of the STS criteria.  These disaggregate the compound requirements for obtaining STS status into one hundred individual queries.  This document is not only the basis for our STS Reports, but is designed to simplify the analysis of any existing and future transaction by market participants.