The PCS Association

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PCS True Sale Procedures Manual

(link to pdf of manual) This document sets out the procedures laid down by Prime Collateralised Securities (PCS) UK Limited (the “PCS Secretariat”) for the award of a PCS Label and which an entity applying for the label (the “Applicant”) will be required to follow. The PCS Secretariat shall use all reasonable efforts to follow these procedures but reserves the right to depart from them as it deems reasonable. These procedures are not binding on the PCS Secretariat. The PCS Label is not a recommendation to buy, sell or hold securities. It is not investment advice whether generally or as […]

PCS True Sale Terms and Conditions

(link to the pdf of the terms and conditions) These are the terms and conditions which applicants to the label will be required to sign up to. PCS Terms and Conditions 2012-1 The Applicant acknowledges and agrees to the terms and conditions set out below. Definitions "Appeal Procedures" means the procedures set out as an appendix to the Label Procedures and dealing with any appeal against the refusal by PCS to award a Label. "Applicant" means the person so named in the relevant Application. "Application" means an application to PCS for the award of a Label, which seek to incorporate these terms […]

Label Fees

This section sets out the fees payable for both PCS True Sale and PCS Risk Transfer labels. Initial Fee The initial fee for each application to award a PCS Label is £9,000 or Euro 12,000 plus any applicable VAT. For the avoidance of doubt, the Initial Fee is charged on a transaction basis notwithstanding how many separate tranches of securities or risk transfer instruments in that transaction are awarded a label. The payment currency of the fee will be either Euro or £ and will be determined by the following criteria: a. If the securities receiving the label/the protection payments under […]

PCS launch

Press Release – Embargoed until 1330 CEST (1230 GMT) Tuesday 12 June 2012 Finance Industry Launches ‘PCS’ Securitisation Label to Revitalise Market The Association for Financial Markets in Europe (AFME) and the European Financial Services Round Table (EFR) today announce the launch of Prime Collateralised Securities (PCS) - an industry-led, nonprofit project to develop a label for high quality securitisations which meet best practice in terms of quality, transparency, simplicity, and standardisation. With the first label expected to be granted by the PCS Secretariat towards the end of this year, a number of key milestones have been reached: establishment of […]

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