PCS’ response to the EBA consultation on synthetic securitisation: not just for securitisation nerds

PCS was glad to respond to the EBA’s consultation on the possibility of introducing an STS regime for synthetic securitisations. It may be found here. Notwithstanding that this topic may seem highly technical and of interest only for the hard-core enthusiast, we believe that it is – in fact – possibly one of the most important financial files in front of policy makers today. Even if you have little interest in the detailed responses to the specific proposals, we would invite everyone to read our general comments at the start of our response. (They are only three pages long). Broadly, […]

PCS improves the functionality of its verification reports

Having reached out to the investor community and asked what PCS could do to improve the quality of their STS due diligence, we were told that what was really missing from our STS Verification reports was the capacity to focus immediately on those issues individual investors felt were the most challenging on any given deal. Attentive to our mission to assist all stakeholders in the market, we have now introduced our new STS Verification report format with new functionality. With the new format, investors (and any other interested party) can consult the index of contents and click on those specific […]

PCS becomes authorised as a third-party verification agent in France

PCS is happy to announce that its Paris based entity, Prime Collateralised Securities (PCS) EU sas, has been authorised by the Autorité des Marchés Financiers (AMF) as a third-party verification agent pursuant to article 28 of the STS Regulation, effective immediately. With Prime Collateralised Securities (PCS) UK Limited, authorised in the United Kingdom by the Financial Conduct Authority (FCA) last March, the PCS initiative now possesses authorisation in two separate European Union jurisdictions. This will allow originators to select which entity they wish to contract with to obtain a verification of the STS status of their transactions. For so long […]

PCS hires Martina Spaeth as a senior analyst

PCS is very proud to announce that it has just hired Martina Spaeth as a senior analyst to work on STS verifications. Martina joins PCS from FMS Wertmanagement AoR in Munich which she joined following her long leadership of Unicredit’s German and Austrian securitisation business. With 22 years in the securitisation business, most of them in Germany, Martina adds both depth and breadth to PCS’ already impressive bench of analytical talent. In addition to German and English, Martina is also fluent in Spanish and French. Martina will join Mark, Fazel, Rob and Daniele in the certification of STS transactions.

PCS announces its first STS verification: STORM 2019-I

Following its authorisation as a third party verification agent, PCS is pleased to announce its first engagement. Today, Obvion – one of the pre-eminent securitisation issuers in Europe – announced its STORM 2019-I transaction. As well as launching the deal in the market, Obvion indicated its intention for the transaction to be STS and for its STS status to be verified by PCS. This would make it the first STS RMBS announced in Europe as well as the first Dutch STS transaction and, of course, the first securitisation to be verified by PCS. As we intend to do for public […]

PCS as an authorised third party verification agent – Frequently Asked Questions

Now that PCS has received its authorisation as a third party verification agent we thought it useful to provide some answers to questions we have received from market participants and set out the scope of our STS verification activity. Q. What asset classes does the authorisation cover? A. It was a requirement of the ESMA drafted application process that a candidate third party verification agent should specify for which asset classes it was requesting to be authorised. PCS’ application in this respect is extremely broad and allows us to verify the STS status of pretty much all conceivable asset classes. […]

PCS is authorised as a third party verification agent

PCS is proud to announce that today PCS was authorised as a third party verification agent by the UK Financial Conduct Authority. This authorisation represents for us the culmination of nearly seven years of effort and the realisation of the original intent of the PCS initiative when it was launched back in 2012 at the Global ABS conference. PCS will be able to provide verifications for European originators of the STS status of their transactions in line with Article 27 of the STS Regulation with immediate effect. The authorisation is valid for the entire European Union and will continue to […]

New Regime, New PCS, New Website

As PCS begins to work on its first STS verifications, it is launching its brand new website, containing all the information needed to understand its new services. These include, of course, STS Verifications as outlined in the STS Regulations but also CRR Assessments and LCR Assessments and Article 270 Assessments. PCS will also, of course, continue to offer its PCS Labels, both for true sale and risk transfer deals. Despite delays in the issuance of key pieces of secondary legislations, PCS is hopeful that it will soon receive authorisation as a third party certification agent under Article 28 of the […]

Rob Koning, Dutch securitisation veteran, joins PCS

It is with great pride that PCS announces that Rob Koning, of the Dutch Securitisation Association, has joined PCS. Rob, who has worked in securitisation for over 20 years, will continue to work for the DSA as well as helping PCS in maintaining its contacts with the issuer community. We are very grateful to Rob and to the DSA for making this possible and look forward to this next step in the development of PCS as we prepare for the new STS regime and for our application to become a third party certification agent. Rob will provide PCS with his […]

PCS plans its future

In line with our publicly stated intent, PCS is working with regulatory authorities and market participants with a view to becoming authorised as a third party certification agent under the STS Regulation. This will see an expansion of PCS both in terms of staffing and in terms of geography. Anticipating Brexit, we – like many other financial sector firms – will be opening in the EU27. Specifically, we are looking to establish ourselves in Paris. In the coming months, PCS will also seek to bolster its staff of professionals who shall be tasked with verifying compliance of transactions with the […]

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