Emil Paulis, from the European Commission gave a keynote speech at the Global ABS conference in Brussels this week. He indicated strong support from the Commission for the return of high quality securitisation. He also acknowledged that the regulatory community had not yet developed the same level of support but that this should happen if continued efforts are made to set out its strength and importance to the economy . Emil Paulis also explicitly referred to PCS as a positive and important development in this regard. A report of his speech can be found here.