PCS Launches New Website

PCS is excited to announce that today its new website had gone live: www.pcsmarket.org (same place as before, so no need to update those bookmarks).

Our website has not just been updated but entirely recreated with a cornucopia of new functionality and up to date information on the European securitisation market.  We strongly encourage you to take a tour through the new site and see how much of the information you always wanted to have in an easily readable format in an easily accessible place you can now find there.

For clients and potential clients, we have introduced an easy on-line application form and automatic application upload that does away with those clunky pdf downloads and manual entries.

For investors and market watchers, we have a much-improved search engine for PCS verified transactions.  As before, you can find not only the PCS STS Checklists here but also the prospectus and key data on any PCS verified transaction.

For those who are looking for up-to-date market data on STS securitisations, our new Market Data section allows you to search by country, year and asset class whether you are seeking a better understanding of the underlying trends or just trying to win a bet or confirm a hunch (and if your interest is more focused on PCS, our PCS Data section is there for you).

For those just starting in securitisation or curious about specific aspects, you can access the PCS Great Library where you can find:

  • specially curated “bundles” of documents to get you started on a topic
  • PCS webinars and presentations you may have missed or some you did not miss but would love to have another look at that interesting slide
  • Longer texts not only from PCS but other market participants
  • PCS consultation Responses

The Great Library is there to help you become an expert.

That is not all the Great Library contains.  For hardened specialists, our Essentials section contains all up-to-date key legislative and regulatory texts you will no longer need to hunt out on less than helpful official search engines.

For all stakeholders wanting to plan the next few months or who have forgotten when responses are due on that consultation or a vote is taking place on that new regulation or just when exactly they have to book that tapas bar in Barcelona, we have a new Calendar setting out all the important dates for the securitisation market.  Bookmark it and never miss another important event.

Finally, you can easily find out more details about upcoming PCS events.

In designing the new PCS website, we have not only sought to redesign the front end of a STS verification business.  In line with our mission to revitalise the European securitisation market, we have tried to make our site the indispensable bookmark for anyone interested and/or active in our markets.

PCS responds to the Joint-Committee's Consultation on Sustainable Disclosure for STS

PCS has responded to the Joint-Committee of the European Supervisory Authorities on its consultation regarding the optional disclosure relating to sustainability of the assets securitised through an STS transaction.

Our response can be read here.

Acknowledging the very narrow mandate that had been given the Joint-Committee and the challenges this posed, PCS nevertheless believes that this was the wrong mandate, at the wrong time for far too narrow a sub-set of capital market instruments.  Through no fault of the committee, this feels like another siloed regulatory endeavour that risks again punishing unnecessarily securitisation and tilting yet further an already unlevel playing field away from allowing securitisation to recover and play a full role in financing the transition to a sustainable economy.

To understand our approach, we invite you to read only the General Considerations section of our response.  It covers merely three pages.  (Although hard core players are welcome to read the full thirteen page document, of course.)

PCS European Symposia Series 2022-23

Following its successful launch in Warsaw and Lisbon, PCS is proud to confirm the remainder of its European Symposia Series with confirmed dates for Athens (20 September) and Helsinki (22 September) and to be announced dates for Milan, Dublin, Madrid, Amsterdam, Paris, Frankfurt and London

Securitisation – an indispensable tool for growth and capital management

Each event will be devoted to the securitisation market generally as well as in the local market. It will cover fundamental principles as well as discuss the most recent market and regulatory developments. It will explore the benefits of securitisation, as a crucial mechanism for financial institutions in obtaining funding but also in achieving capital relief. The event will be a chance to hear from but also speak with experts in the field, discuss market trend and build relationships. The formal part of the day will be followed by a cocktail party for a more informal opportunity to exchange views and perspectives.

We will begin with a general discussion on synthetic and true sale securitisation, and then move on to focus on more complex issues and current market trends.

Please mark your calendar for PCS’s upcoming September symposiums: for the first two events and book your interest to register as soon as possible ( Email : [email protected] )

Athens- September 20th

Helsinki- September 22nd

PCS welcomes two new members

The PCS initiative is honoured to welcome two new members in DLA Piper and Morgan Lewis.

DLA Piper is a global law firm with lawyers and tax advisors located in more than 40 countries around the world. The firm has extensive experience advising on a wide array of ABS transactions in Europe and the US including CLOs, CMBS, RMBS and consumer loan securitisations as well as the securitisation of assets such as renewable energy and energy efficiency assets, project loans, trade receivables and SME loans.

Morgan Lewis has been a key player in the securitisation markets since their inception and its lawyers are recognised leaders in the global structured finance industry, working from offices in the United States, London, Asia, and the Middle East. Its clients, both issuers and underwriters, are among the most highly respected global financial services institutions and corporates.

PCS looks forward to their contribution to the initiative and our continuing work to develop the European securitisation market.

Hellenic Financial Stability Fund joins the PCS Initiative

It is with great pleasure that PCS announces that the Hellenic Financial Stability Fund (HFSF) has become a Permanent Observer of PCS.

Founded in 2010 with the objective of contributing to the stability of the Greek banking system for the public interest, the HFSF has during that time contributed to the rescue and restructuring of the Greek systemic banks and acted as a catalyst for stability and transformation in the Greek banking system.

We encourage you to find out more about the HFSF on their website: https://hfsf.gr/en/

PCS very much looks forward to the HFSF’s contribution to our work in revitalising the European securitisation market on a safe and sound basis

Harry Noutsos joins PCS

PCS is very proud to announce that Harry Noutsos has joined us.  Well known to a great many in the market, Harry has twenty years of experience is securitisation having worked at Credit Suisse, Santander and then ING where he was responsible for all the bank’s securitisation positions as well as assisting it in securitising its own assets.  With his extensive background in both the buy side and the sell side, Harry is now part of PCS’ Outreach team where we look forward to his enthusiasm in deepening our relationships with all our stakeholders.

Europe to complete the unfinished STS reforms if securitisation is to fulfil its potential

PCS was invited by EUROFI to contribute a substantial article for their regulatory update paper.  EUROFI,  a platform for exchanges between the financial services industry and the public authorities, has long provided a forum in which the future of European securitisation has been debated and  this paper was written to accompany the EUROFI web event that replaces the traditional EUROFI conference that was to be held in Zagreb this April.

In the article, which may be found here PCS examines why the STS reforms, for all their achievements,  have not sparked a renewal of the European securitisation market, why such a renewal is not just beneficial but essential to the future of the European economy and what practical steps can and should be taken to fulfil the aims of the legislation.  The key argument of the article is that European policy makers never completed the STS reforms.  Having crafted the most detailed and demanding securitisation standard in the world, they did not follow through with the regulatory changes appropriate to such a standard.  The article also examines issues around synthetic securitisation and the SRT rules and procedures that will be necessary to allow finance to flow into the European economy.


COVID 19 Communication from PCS

This communication sets out the measures that PCS has taken in the face of the current emergency.

We are mindful of our duty to our staff, to protect them and their loved ones, and to the communities in which we live, to slow the progression of COVID 19. We are also dedicated, for all our stakeholders, to providing continued uninterrupted support to the European securitisation market .  Accordingly, PCS has taken a number of steps.

First, we have set up systems that will allow us to continue uninterrupted the provision of all our services to our clients.  All our staff are now working remotely with both the hardware and software necessary to perform their work and to communicate fully both amongst themselves and with clients via telephone or video conferences. All our staff are also connected to PCS’ central IT system. 

Secondly we will not be holding any physical meetings unless absolutely necessary, nor will we be travelling, again unless absolutely necessary.  Our offices both in London and Paris are effectively closed for the duration of this emergency.

All these systems are now up and running and we do not anticipate any hiatus or slow down in our capacity to assist the European markets. 

If you have any questions, please do not hesitate to contact me at [email protected]

May you and your families be safe in these turbulent times.

Ian Bell
Chief Executive Officer


PCS UK has moved!

As we have grown substantially with our new role as a regulated third party STS verification agent, our old offices had become a little cramped. So we have moved to new premises. PCS UK is now at 61 Queen Street, still in the City of London and a few steps away from Cannon Street Station.

Our full new address is:

61 Queen Street

We also have a new main office number: +44 (0) 20 3866 5000

London staff also have new numbers. For more details visit: Contact us

The contact details of our EU operation, PCS EU, remain the same.

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 points which interest them upon which they will be taken to the correct part of the report without having to wade through pages and pages of text.

To see an example of the new functionality in action, you may look at one of our recent verifications such as that which may be found here.

We also take the opportunity to remind investors that each STS Verification report contains on the first page the name of the PCS analyst who has completed the verification together with their contact details.  Investors and other market participants should not be shy in contacting our analysts with any queries they may have concerning the STS verification whether they are looking at the transaction in the primary or the secondary market.