STS Criteria and PCS Interpretations

This section contains the STS Criteria document.  This document sets outs the original text of the STS Regulation in which appear the requirements for a securitisation to achieve STS status.  Next to this legislative text appears the PCS breakdown of these requirements. This disaggregate the compound requirements for obtaining STS status into 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.

This section also contains the PCS Interpretation document. The STS criteria, as drafted in the STS Regulation, are subject to a potentially wide variety of interpretations.  In compiling an STS Report (including a Grandfathering Report and CRR Report), PCS has had to use its discretion to interpret the STS criteria.  The interpretations on which we base the STS Reports are set out in this document.


STS Criteria
CRR Criteria
STS Interpretation Guide