Process & Key Steps

The complete procedure for obtaining a label can be found in the PCS Procedures Manual, available for download here. If you are planning to seek a PCS Label, we very strongly recommend that you and your legal advisers download the PCS Procedures Manual and become familiar with it.

This section sets out briefly the key elements in the procedure for the award of the PCS Label.
Originators thinking about seeking a Label are advised to inform PCS as soon as possible, by sending an email to [email protected] setting out the outline of the transaction and likely timing.

At least 15 business days before the Label is awarded, the originator and arranger should download an Application form, complete it and return it to [email protected]. This form confirms agreement to the terms and conditions of the PCS Label which may be found here.

The PCS Secretariat would confirm receipt of the form and inform the originator of the Screening Partner who will verify the relevant information.

A PCS checklist can be downloaded by clicking here. If the required Jurisdiction or Eligible Asset class does not fall with in existing preset checklist template, please contact the PCS secretariat at [email protected].  The applicant and its legal advisers  would then fill out the checklist, setting out where in the offering document the Screening Partner could find confirmation of the relevant PCS requirement.

The legal advisers to the transaction will also draft the Originator Certificate confirming other PCS requirements.

The legal advisers to the transaction will then forward to the PCS Secretariat the draft of the offering document, the completed checklist and the Originator Certificate. The PCS Secretariat and the Screening Partner will verify that these documents do evidence compliance with the PCS requirements.

If an issue arises, the PCS Secretariat will seek to resolve it with the originator and their legal advisers.

Once the PCS Secretariat is satisfied that appropriate evidence of compliance with the PCS requirements can be found in the offering document and the Originator Certificate, it will confirm to the originator that the securities have been awarded the PCS Label.

If any part of the offering document relevant to the checklist should change at a later stage, it is the obligation of the originator and the legal advisers to the transaction to immediately inform the PCS Secretariat. The award of a PCS Label remains in the discretion of the PCS Secretariat. Should the PCS Secretariat decline to award the PCS Label, the originator may have recourse to the appeals procedure set out in the PCS Procedures Manual.

Please note that, to avoid any suggestion of a conflict of interest, the labeling fee is payable by the originator from the moment a checklist is sent to the Screening Partner and is not dependant upon the award of a label.

Further information

  • PCS True Sale Procedures Manual more >
  • PCS True Sale Terms and Conditions more >
  • Label Fees more >