New Regime, New PCS, New Website

As PCS begins to work on its first STS verifications, it is launching its brand new website, containing all the information needed to understand its new services.

These include, of course, STS Verifications as outlined in the STS Regulations but also CRR Assessments and LCR Assessments and Article 270 Assessments.

PCS will also, of course, continue to offer its PCS Labels, both for true sale and risk transfer deals.

Despite delays in the issuance of key pieces of secondary legislations, PCS is hopeful that it will soon receive authorisation as a third party certification agent under Article 28 of the STS Regulation both in the UK and in France.  To this end, the site also contains information regarding our new French operation.

Finally, we invite market stakeholders to read some of the key documents of the STS Verification process.  The site contains our new Code of Conduct which has been adapted to account for the new regulatory environment.  It contains the three master documents of any STS Verification:

  • The Procedures Manual, which sets out the steps which take from the application form to the issuance of a verification
  • The Evidentiary Standards Manual (one for term deals and one for ABCP transactions) where one can find PCS’ requirements as to the standard of evidence required for us to confirm any STS criteria has been met
  • The Master Checklists (one for term deals and one for ABCP transactions) which are the backbone of any verification being the checklists used by our analysts to determine the STS status of any transaction

To keep the legal types happy, we should also tell you to read our new Disclaimer and, should you wish to engage us for your STS Verification, our new Terms and Conditions.

PCS is proud of what it has been able to achieve since 2012 thanks to the help and support of all industry stakeholders (issuers, arrangers, investors and regulatory authorites).  Now we look forward to the next seven years and to continuing to support the European securitisation industry as an independent and not-for-profit initiative.