Helping transition to the STS Regime

Having concluded a series of seminars across Europe and at the request of many of the attendees, PCS has posted a copy of the seminar powerpoint presentation which can be found here. Building on this presentation, PCS has also prepared two additional documents designed to assist market stakeholders to prepare for the new STS securitisation regime coming into force in January of next year. The first is a broad introduction to the new regime, which tries to focus on key aspects – rather than being a laundry list of rules. It can be found here. The second document focused directly […]

Three new members join the PCS initiative

PCS is proud to announce three new members to the PCS Association. We are glad to welcome to the PCS initiative the leading securitisation law firms of Ashurst and Vieira de Almeida and J.P. Morgan Asset Management, a major ABS investor in Europe.

PCS responds to EBA and ESMA consultations

PCS has filed a response to the EBA’s consultation on the “homogeneity” criterion in the STS Regulation. The EBA’s general approach as disclosed by the consultative document is broadly sound and sensible. There is however some concern over how the fourth part of their suggested test (the “risk factors”) would work. In particular, PCS has some concerns over how issuers, investors and third party certification agents will be able to achieve a sufficient level of confidence in the choice of the relevant risk factor or risk factors. Our response does provide a possible solution which we think is both workable and […]

Invitation to PCS to a “Transition to STS” workshop

PCS is pleased to announce that it is holding a series of “Transition to STS” workshops across various European cities during March 2018. You can attend one of the the workshops either in person, or via webinar. The events will be held at the following venues, further details can be found by clicking into the relevant links below: Wednesday 7th March at 15:00 hrs CET in Paris: Taking place at White & Case at their Paris office. Invitation and Webinar instructions. Thursday 8th March at 09:00 hrs GMT in London: This event will be held jointly with Clifford Chance at their London […]

PCS responds to a disappointing Commission consultation on STS and LCR

PCS has filed a response to the European Commission’s consultation on possible changes to the Liquidity Coverage Ratio regime. The heart of the Commission’s proposal is the replacement of the current Level 2 securitisation assets with STS securitisations. As outlined in PCS’s response, this seems to us a disappointing suggestion. It is one that is difficult to reconcile with the intrinsic quality of STS securitisations on which the Commission itself and the European Parliaments and Council have worked so hard and with the desire of the European Union, through the Capital Markets’ Union project, to revitalise securitisation to fund European […]

PCS to provide analysis for market participants in first step to the market’s transition to the new STS Regime

Following the passage of the STS Regulation, many issuers have indicated their intention is to issue STS securitisations from 1st January 2019 (when the regulation comes into force) and, in the case of some, to issue in 2018 securitisations that are capable of being grandfathered under the STS Regulation. However, to achieve STS status, a securitisation is required to meet an extensive set of regulatory criteria. Many are complex and not always straightforward to analyse. It must be recognised that transitioning from current market practice to the new STS regime will pose legal, structural, informational and IT challenges to issuers […]

PCS launches STS Reports

PCS publishes White Paper on bank deleveraging and the need to bridge the European funding gap. Go to pcsmarket.org/news

New PCS Transaction STORM 2013-II B.V. please go to pcsmarket.org/transactions

The Irish Debt Securities Association becomes a PCS Permanent Observer

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