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 […]

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.

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 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

First UK Master Trust PCS labelled transactions see pcsmarket.org/pcs-transactions

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