The aim of the Prime Collateralised Securities (“PCS”) initiative is, and has always been, to strengthen the securitisation market as a sustainable investment and funding tool for both investors and originators with the aim of improving market resilience in Europe, promoting growth in the real economy whilst, at all times, maintaining standards of quality, transparency, and simplicity.
By building on the lessons of the crisis of 2007/2008, the PCS initiative – as an independent entity – has, since its foundation in 2012, sought to define and promote standards of “best practice” in both the “true sale” and “risk transfer” asset backed markets: standards of quality, transparency and simplicity. It did this through its labels and its advocacy.
With the arrival in 2019 of a new regulatory framework, anchored on the category of “simple, transparent and standardised (STS)” securitisations, PCS continues its mission of serving all stakeholders in this market by the provision of independent third-party verifications of the STS criteria. To better support the market, PCS has obtained authorisation in the United Kingdom and is seeking authorisations in France as a third party verification agent as contemplated in the STS Regulation. PCS has committed to retain its not-for-profit financial status.
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