PCS publishes new paper: “The illusory promise of self-attestation”

In the recent publication of the joint Bank of England and ECB response to the European Commission’s consultation on securitisation, the proposal was made to anchor the new regulatory framework on self-attestation by the issuers. This led us to reflect on the difficulties of such an approach and to conclude that it would prevent any meaningful market renewal. We felt that the issues around how to “operationalise” the new framework were crucial to prevent a theoretically sound approach from being negated by self-defeating functional requirements. To assist in framing this debate, we decided to publish the PCS views on self-certification […]

Updated Version 8 of the PCS Rulebook, PCS Eligibility Criteria and PCS Checklist now available

PCS has issued Version 8 of the PCS Rulebook, PCS Eligibility Criteria and PCS checklist. These documents together with blacklined versions of the PCS Rulebook and PCS Eligibility Criteria (comparing Version 8 with Version 7) can be found by clicking here. The main criteria changes are Auto fleet Leases as a new PCS asset class and amendments to arrears criteria for SME and Non-Auto Leases.

PCS participates in a roundtable hosted by Global Capital regarding the ECB program

PCS was a participant in a roundtable hosted by Global Capital. Together with other key stakeholders in the securitisations market, PCS discusses the ECB ABS purchase program and the situation of securitisation generally within the European economy.

Financial Times runs a long article on the proposed ECB program (PCS quoted)

Today, the Financial Times "Analysis and Comments" section ran a comprehensive article on the ECB ABS purchase program, quoting PCS. (Please note the article is behind a paywall). Entitled "Asset backed securities back from disgrace", the article also sets the program within the changing perception of ABS across the European policy making space and analyses some of the elements on which the ECB program's success will turn.

PCS breaks the €100 billion barrier

With the labelling of Turbo Finance 5, PCS has broken the €100bn barrier of labeled securitisations. PCS wishes to thank the issuer and investor community for the trust and support they have demonstrated for our quality initiative since its launch in 2012 as symbolised by this milestone. In a market that remains very weak, PCS has now labeled 67 transactions. This represents 20% of the entire stock of placed and outstanding European transactions (including transactions that were issued prior to the existence of PCS and those that are not technically eligible for the label) and 25% of the entire stock […]

AGEFI covers the PCS criteria update

AGEFI covered in an article the PCS criteria update. The article focused in particular on the alignment between the various approaches to the definition of high quality securitisation. (Please note the article is behind a pay wall but provides free limited access on registration).

PCS criteria changes

When the PCS criteria were first published, we made it clear that these criteria, representing a view of what was “best practice” in the securitisation field, were a living construct. Over time, it was anticipated that changes would be made. Therefore, 18 months on, PCS is introducing its first substantial revision of the criteria. This revision, although introducing some important changes, does not substantially alter principles and rules of the label. The vast majority of the criteria remain untouched. Some are strengthened and new criteria have been introduced, raising the standard enshrined in the label. A very few criteria have been softened or removed when […]

Reuters reports on supportive words from the EBA and on new PCS commissioned empirical study on high quality securitisation

In an article on the Global ABS conference just published, Reuters reported on a speech made at the conference by Adam Farkas, executive director of the European Banking Authority. In his speech, Adam Farkas made a number of positive statements about PCS as an initiative helping with the definition of a space for high quality securitisations. The article also addresses the new empirical study on high quality securitisation's performance (both in credit and liquidity) commissioned by PCS from William Perraudin and Risk Control. The study that can be found on our website provides very strong quantitative comfort for those arguing for […]

PCS commissioned empirical study of HQS performance provides strong support for regulatory efforts

Defining "high quality securitisation" - with a view to incorporating such a definition in the interlocking regulatory schemes that affect the securitisation market - has become a key objective of regulators and policy makers in Europe. Moving in step with this project is the desire to understand the benefits that such a definition could bring both to the crafting of a robust regulatory prudential architecture and to the European economy as a whole. The excellent ECB/Bank of England consultation released recently is another signal in this direction. As part of this debate, PCS has asked William Perraudin and Risk Control […]

PCS welcomes ESMA, Amundi and Freshfields

PCS welcomed on Friday 16th May, the European Securities and Markets Authority (ESMA) as a Permanent Observer and Amundi and Freshfields as new Members of the PCS Association. ESMA joins the European Banking Authority (EBA) as a Permanent Observer to be the second European regulatory body to sit on the PCS Association’s meeting. On the same day, Amundi – with close to € 800billion of assets under management, the first ranking European asset manager- and Freshfields, one of the world’s preeminent law firms, also became members. This felicitously coincided with the award by PCS of its 50th label to a transaction originated by Nationale-Nederlanden […]

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