EBA publishes STS homogeneity and retention RTS’

The EBA has just published the draft STS homogeneity regulatory technical standard.  PCS has only had the chance to give this just published text a cursory look, but it would seem that the final document stays very close to the draft which had been the subject of the consultation.  With regard to the somewhat problematical fourth test relating to relevant risk factors though the EBA has introduced some welcome amendments.  Together with the STS homogeneity RTS, the EBA also published the regulatory technical standard on risk retention.

Strictly speaking, both these documents are drafts.  They are now in the hands of the European Commission.  The Commission must then decide if they are satisfied with these draft, at which point they will lay down the RTS for a 2 month review by the European Parliament and the European Council.  This review takes place only by way of a veto power.  In other words, neither the Parliament nor the Council may amend the text, but they do have the power to reject it.  However, the highly technical nature of these two draft RTS’ suggests that this is unlikely and therefore, we should anticipate these two RTS’ to become law sometime in the autumn.

Date News Title Link
02/07/2022 PCS Responds to the Joint-Committee’s Consultation on Sustainable Disclosure for STS Read more
01/07/2022 PCS European Symposia Series 2022 Read more
17/06/2022 The Cinderella Regulation – EIOPA launches a consultation on Solvency II capital Read more
15/06/2022 Ashley Hofmann joins PCS Read more
12/06/2022 PCS welcomes two new members Read more
02/03/2022 EBA publishes excellent report of “Green Securitisation” Read more
13/12/2021 UK Treasury publishes report on the review of the securitisation regime Read more
11/11/2021 Green securitisation – ECB adds its voice in support of the “green proceeds” approach Read more
27/10/2021 Commission’s Call for Evidence on Securitisation – progress…but ever so slow Read more
25/07/2021 European Commission consults on securitisation Read more
04/07/2021 Hellenic Financial Stability Fund joins the PCS Initiative Read more
27/06/2021 Final pieces of the puzzle fall into place – Data Repositories Read more
18/05/2021 The Joint Committee of the ESAs’ report on securitisation is published Read more
06/04/2021 News Flash: securitisation rules to come into force on Friday Read more
26/03/2021 European Parliament votes the new securitisation rules Read more
10/01/2021 Harry Noutsos joins PCS Read more
04/01/2021 FCA STS list up and running Read more
07/12/2020 A new ESAs statement and Brexit – Chronicles of a Death Foretold Read more
23/11/2020 Monday sees important announcements from the EBA on SRT and the FCA on STS Read more
28/10/2020 Chances of new synthetic STS and NPL rules applying to the United Kingdom recede Read more
09/09/2020 United Kingdom FCA publishes a consultation on the end of the Brexit transition period Read more
26/07/2020 First legislative steps taken to complete the STS reforms Read more
11/06/2020 New report published – changes may be on the way Read more
06/05/2020 EBA publishes its final paper on STS and synthetics Read more
27/04/2020 Europe to complete the unfinished STS reforms if securitisation is to fulfil its potential Read more
17/03/2020 COVID 19 Communication from PCS Read more
18/02/2020 PCS UK has moved! Read more
27/11/2019 PCS’ response to the EBA consultation on synthetic securitisation: not just for securitisation nerds Read more
30/10/2019 PCS improves the functionality of its verification reports Read more
19/10/2019 Erratum Read more
18/10/2019 The most anticipated release of the year is out, and it’s not “The Joker” Read more
25/09/2019 Securitisation regulation, the next chapter: EBA launches consultation on synthetic securitisation Read more
04/09/2019 EBA goes digital on STS Read more
31/07/2019 More about the B-word: the UK FCA puts out a consultation on STS Read more
27/06/2019 PCS becomes authorised as a third-party verification agent in France Read more
03/06/2019 PCS hires Martina Spaeth as a senior analyst Read more
28/05/2019 Long awaited homogeneity RTS is out Read more
26/03/2019 PCS announces its first STS verification: STORM 2019-I Read more
21/03/2019 PCS as an authorised third party verification agent – Frequently Asked Questions Read more
19/03/2019 PCS is authorised as a third party verification agent Read more
05/03/2019 New Regime, New PCS, New Website Read more
05/03/2019 Regulatory wobbles in the introduction of the new securitisation regime Read more
25/09/2018 Rob Koning, Dutch securitisation veteran, joins PCS Read more
06/08/2018 EBA publishes STS homogeneity and retention RTS’ Read more
30/07/2018 PCS plans its future Read more
11/07/2018 Helping transition to the STS Regime Read more
09/07/2018 Three new members join the PCS initiative Read more
04/06/2018 GLOBAL ABS Conference to begin in Barcelona Read more
23/05/2018 No, we’re not there yet! Read more
20/04/2018 EBA consultation on STS criteria interpretation is released Read more
19/03/2018 PCS responds to EBA and ESMA consultations Read more
05/03/2018 Invitation to PCS to a “Transition to STS” workshop Read more
26/02/2018 PCS responds to a disappointing Commission consultation on STS and LCR Read more
22/02/2018 PCS to provide analysis for market participants in first step to the market’s transition to the new STS Regime Read more
03/01/2018 Welcome to 2018…oh, and by the way, the clock is ticking. Read more
26/10/2017 STS – the end of a long march, maybe the start of a new dawn Read more
31/05/2017 European Council and Parliament reach agreement over STS securitisation Read more
23/02/2017 PCS launches a new label for risk transfer/synthetic securitisations Read more
08/12/2016 European Parliament agrees the text on STS securitisation Read more
22/11/2016 PCS awards its 150th PCS label certificate Read more
20/06/2016 Bloomberg covers the securitisation world’s outreach efforts Read more
13/06/2016 PCS appears at the European Parliament hearing on securitisation Read more
20/05/2016 Rapporteur report on STS securitisation is published Read more
15/04/2016 The Board of the PCS Association publishes its framework for analysing jurisdiction specific PCS Label criteria Read more
06/04/2016 Bloomberg covers the industry joint-note Read more
04/04/2016 A new joint-note shows the depth of consensus over the European Commission’s securitisation proposals Read more
23/03/2016 An excellent corrective piece on securitisation in the Financial Times Read more
25/01/2016 Kirti Vasu joins the board of PCS UK as a non-Executive Director Read more
20/01/2016 Updated version 10 of the PCS Rulebook, PCS Eligibility Criteria and PCS Checklist now available Read more
17/12/2015 Rapporteurs and some shadow rapporteurs are appointed by the European Parliament Read more
08/12/2015 Baroness Sharon Bowles and Waleed El-Amir join the board of PCS Read more
01/12/2015 The Council text on CRR Regulation is published Read more
01/12/2015 The Council text on STS Regulation is published Read more
18/11/2015 Insurance Europe publishes its response to the Commission’s proposals on STS securitisation Read more
10/11/2015 The Basel Committee releases a consultation document on STC securitisation Read more
21/10/2015 New elegant solution proposed to the problems of the current securitisation proposals on bank capital Read more
14/10/2015 Oudea skeptical about the Commission’s proposals Read more
30/09/2015 Commission’s securitisation proposal is out Read more
15/09/2015 PCS publishes updated Rule Book for Belgian RMBS criteria Read more
23/07/2015 BCBS and IOSCO release their proposed definition of simple, transparent and comparable (STC) securitisation Read more
08/07/2015 EBA publishes its report on qualifying securitisation Read more
29/06/2015 PCS grants its 100th label Read more
26/06/2015 EBA publishes the outline of its advice to the Commission on securitisation Read more
11/06/2015 PCS publishes paper on the operationalisation of STS rules Read more
10/06/2015 European Commission publishes responses to securitisation consultation Read more
21/05/2015 PCS files its response to the Commission’s consultation Read more
21/04/2015 PCS publishes new paper: “The illusory promise of self-attestation” Read more
01/04/2015 British Treasury publishes its response to the EC Green Paper Read more
30/03/2015 Bank of England and ECB respond to the EU Consultation on securitisation Read more
18/02/2015 European Commission publishes today a Green Paper on the Capital Markets Union together with a new consultation on securitisation Read more
16/02/2015 PCS files its response to the BCBS/IOSCO consultation on simple, transparent and comparable securitisations Read more
30/01/2015 IMF publishes a discussion note on securitisation Read more
23/01/2015 EBA publishes the responses to its consultation on simple, standardised and transparent securitisations Read more
16/01/2015 Delegated Acts for Solvency II adopted but the Parliament still has some questions Read more
15/01/2015 PCS files its responses to the EBA consultation on simple, standardised and transparent securitisations Read more
15/12/2014 Finance Watch publishes a paper on securitisation – remains critical Read more
11/12/2014 Busy day for securitisation: BCBS releases its revised securitisation framework Read more
11/12/2014 Today the BCBS and IOSCO release a consultative document on ‘simple, transparent and comparable’ securitisations Read more
10/12/2014 ECOFIN asks for a securitisation framework to be developed by the summer 2015 Read more
19/11/2014 Updated Version 8 of the PCS Rulebook, PCS Eligibility Criteria and PCS Checklist now available Read more
14/11/2014 SFIG set up a task force to engage in the debate in Europe around HQS Read more
10/10/2014 European Commission publishes the delegated acts for Solvency II and the LCR Read more
10/10/2014 EBA launches a consultation on high quality securitisation Read more
02/10/2014 ECB announces details of ABS PP Read more
01/10/2014 PCS participates in a roundtable hosted by Global Capital regarding the ECB program Read more
01/10/2014 Financial Times runs a long article on the proposed ECB program (PCS quoted) Read more
29/09/2014 PCS breaks the €100 billion barrier Read more
24/09/2014 Mario Draghi gives more details on the ABSPP at European Parliament Read more
15/09/2014 Reuters article covers draft LCR rules Read more
10/09/2014 Juncker gives new EU Commissioner for Financial Services, Financial Stability and the Capital Markets Union specific mission to revive HQS markets Read more
09/09/2014 France and Germany to champion jointly the return of a high quality securitisation market Read more
09/09/2014 Bloomberg reports reluctance of France and Germany to provide guarantees for the ECB ABSPP – PCS quoted Read more
04/09/2014 ECB announces an ABS purchase program – but details to follow Read more
16/07/2014 Financial Times draws attention to the low issuance volumes in securitisation Read more
10/07/2014 AGEFI covers the PCS criteria update Read more
10/07/2014 PCS responds to the ECB/Bank of England joint consultation Read more
01/07/2014 PCS criteria changes Read more
16/06/2014 Reuters reports on supportive words from the EBA and on new PCS commissioned empirical study on high quality securitisation Read more
12/06/2014 PCS commissioned empirical study of HQS performance provides strong support for regulatory efforts Read more
30/05/2014 Joint ECB and Bank of England report on securitisation is published Read more
21/05/2014 PCS welcomes ESMA, Amundi and Freshfields Read more
15/04/2014 Senior IMF official supports the ECB/BoE approach to high quality securitisation Read more
11/04/2014 Joint ECB-Bank of England paper on securitisation is published Read more
09/04/2014 PCS responds to the European Commission request for comments on the Liquidity Cover Ratio Read more
04/04/2014 European Commission requests the advice of the EBA on “high quality securitisation” Read more
28/03/2014 Following the European Commission, the Bank of England indicates its support for a revival of the securitisation market Read more
27/03/2014 EU Commission publishes a communication on long-term financing: strongly supportive of high quality securitisation and harmonising regulations Read more
11/03/2014 European Commission holds public hearing on LCRs – negative signalling on securitisation Read more
04/03/2014 Another article in the Financial Times addressing the ECB’s desire to see securitisation return Read more
18/02/2014 Financial Times articles sounds the alarm on European securitisation volumes Read more
12/02/2014 The PCS Secretariat is pleased to announce that the first PCS labels have been awarded for securitisations with Spanish assets. The two transactions have Spanish corporate loans and consumer loans respectively as their underlying assets Read more
10/02/2014 European Banking Authority becomes a Permanent Observer to the PCS Association Read more
29/01/2014 Euroweek article: “Regulators must act on securitisation before it is too late” citing PCS as a possible solution Read more
28/01/2014 Financial Times article on the European securitisation market Read more
27/01/2014 The Banker writes an article entitled “securitisation still suffering capital punishment” Read more
27/01/2014 Financial Times reports Draghi’s Davos comments Read more
27/01/2014 Draghi calls for regulation to distinguish between good and bad securitisation to revive the market Read more
21/01/2014 Global Risk Regulator publishes a good article on the current state of securitisation regulation Read more
21/01/2014 Banque de France supports RMBS as a way to counter bank deleveraging Read more
20/01/2014 PCS amends Checklist, Rule Book, and Eligibility Criteria for Dutch securitisations Read more
13/01/2014 The Economist writes a leader in support of securitisation Read more
02/01/2014 Financial Times Lex column calls for further rehabilitation of securitisation by regulators Read more
23/12/2013 Three regulatory publications for Christmas…but no gold, frankincense or myrrh for securitisation. Read more
19/12/2013 Basel Committee publishes its new consultative document on securitisation Read more
18/12/2013 European Parliament proposes positive amendments to the draft money market funds legislation Read more
18/12/2013 Two publications from the EBA on securitisation – one set of final draft technical rules and a consultation Read more
13/12/2013 Financial Times publishes a letter on securitisation from AFME Read more
11/12/2013 Strongest support yet from the Bank of England for a return of securitisation Read more
10/12/2013 Euromoney article looking back at 2013 – PCS is quoted Read more
29/11/2013 Bank of England Financial Stability Report indicates support for securitisation Read more
28/11/2013 The Financial Times calls for a reduction in the “free money” programs of the ECB mentioning the securitisation markets as a prime victim Read more
14/11/2013 EBRD and ING Asset Management join PCS Read more
13/11/2013 In a draft report on long-term financing, the European Parliament recognises the importance of securitisation and calls for a definition of “high quality securitisation” Read more
06/11/2013 Another Financial Times article indicating the return of investor appetite for European securitisation Read more
31/10/2013 The key challenges for the European securitisation market as seen by PCS Read more
31/10/2013 EBA’s LCR approach to ABS is coming under fire Read more
28/10/2013 Timely Standard & Poor’s report entitled: “European Securitization Could Fund More Lending, If The Regulatory Stance Softens” Read more
25/10/2013 Mark Carney, Governor of the Bank of England sees the Bank engaged in efforts to rebuild securitisation Read more
24/10/2013 EBA presentation on LCR Read more
23/10/2013 EBA has a public hearing on the LCRs. No good news for securitisation Read more
18/10/2013 ECOFIN discusses proposals to use securitisation with some public money as a way to provide European SMEs with access to finance Read more
14/10/2013 PCS quoted in an article in the Financial Times regarding a possible threat to the survival of the ABS markets Read more
14/10/2013 PCS extends “Interim Period extension (version 4 Rule Book and Checklist for Dutch issuers only)” to 30th November 2013 Read more
09/10/2013 PCS amends Checklist, Rule Book, and Eligibility Criteria – 8th October 2013 Read more
16/09/2013 ECB discusses the reactivation of the European ABS market in its most recent monthly report Read more
12/09/2013 PCS extends the PCS interim period to 11th October, 2013 for PCS Label applications Read more
12/09/2013 The PCS Secretariat is pleased to announce that the first PCS label has been awarded for a securitisation with Italian assets. The transaction has Italian residential mortgage loans as its underlying assets. Read more
10/09/2013 ECB confirms that it will no longer accept as repo collateral RMBS and SME ABS that do not comply with the loan by loan disclosure requirements. Read more
04/09/2013 European Commission releases draft new rules for money market funds Read more
22/08/2013 PCS extends the PCS interim period to 11th September, 2013 for PCS Label applications Read more
22/08/2013 PCS extends the PCS interim period to 11th September, 2013 for PCS Label applications Read more
30/07/2013 APG and Robeco join PCS Europe as members Read more
19/07/2013 Ian Bell, Head of the PCS Secretariat, has an article published in Financial World on the state of the European securitisation market Read more
18/07/2013 ECB announces a reduction of the haircuts for certain ABS in its collateral rules Read more
17/07/2013 Another positive intervention on securitisation, coming this time from the Italian Finance Minister Fabrizio Saccomanni Read more
15/07/2013 Mario Draghi, in his presentation to the European Parliament, explicitly supports the return of the securitisation market through making a distinction between high quality securitisation and others Read more
15/07/2013 The European Investment Bank has invited PCS to chair a technical working group on the issue of how better data collection and distribution could assist the revival of a strong SME securitisation in Europe Read more
05/07/2013 PCS files its response to the European Commission’s Green Paper on Long-Term Finance. The paper very much seeks to focus on clear and actionable plans to help securitisation and particularly to harness the public sector to revive the SME securitisation market Read more
21/06/2013 Emil Paulis, from the European Commission, gives a keynote speech supporting quality securitisation and explicitly refers to PCS as a positive development Read more
03/06/2013 First UK Master Trust PCS labelled transactions Read more
30/05/2013 PCS responds to EIOPA’s consultative document on a possible re-assessment of the proposed capital requirements for the securitisation holdings of insurers Read more
24/05/2013 PCS amends checklist, Rule Book and Eligibility Criteria Read more
20/05/2013 EBA launches a consultation on large exposures and proposes to change the treatment of securitisation Read more
17/05/2013 Will Howard Davies of PIMCO joins PCS Market Committee Read more
15/05/2013 PCS updates securitisation default table Read more
09/05/2013 The Irish Debt Securities Association becomes a PCS Permanent Observer Read more
03/05/2013 WSJ Article on Draghi announcement, quoting PCS Read more
03/05/2013 Mario Draghi announces the start of a consultation on “initiatives to promote a functioning market for asset-backed securities collateralised by loans to non-financial corporations” Read more
29/04/2013 Financial Times article on the problems of increasing lending to European borrowers – it mentions PCS as part of the efforts to revitalise the securitisation market Read more
22/04/2013 Yves Mersch, of the ECB, gives an interview to Il Sole. He specifically focuses on the issue of upcoming regulations of ABS as a reason for the failure of the market to return Read more
16/04/2013 Reuters article on the debates taking place around securitisation in policy and regulatory circles – PCS mentioned Read more
12/04/2013 Benoît Coeuré , Member of the Executive Board of the ECB makes a positive reference to securitisation and to PCS Read more
12/04/2013 Irish Department of Finance publishes a report on the non-bank funding of growth and jobs in Europe. PCS is explicitly described as “as step in the right direction” Read more
02/04/2013 Fitch publishes a report on Basel III proposals for securitisation – “Capital Requirement Proposals Diverge from Structured Finance Performance” Read more
25/03/2013 European Commission publishes a Green Paper on long-term financing of the European economy – securitisation is mentioned as one of the financial channels that could unlock additional long-term funding Read more
25/03/2013 PCS White Paper quoted in the Financial Times Read more
22/03/2013 PCS amends checklist, Rule Book and Eligibility Criteria Read more
19/03/2013 PCS submits its response to the Basel Committee on its consultation on a new securitisation framework Read more
18/03/2013 PCS publishes White Paper on bank deleveraging and the need to bridge the European funding gap Read more
26/02/2013 Financial News article links European Data Warehouse and PCS in the move to high quality securitisation Read more
26/02/2013 EBA publishes a consultation paper on the definition of liquid assets for the Liquidity Coverage Ratio Read more
21/01/2013 PCS amends some of the Eligibility Criteria Read more
15/01/2013 PCS files a response to the Financial Stability Board’s Consultative Document on Shadow Banking Read more
17/12/2012 PCS User Guide Roadshow Presentation Read more
28/11/2012 PCS awards its first ever label Read more
27/11/2012 PCS announces save the date(s)/time(s) for PCS User Guide Roadshows Read more
16/11/2012 Chairman of the BNP Paribas Board expresses his support for PCS in a speech to the Autorite des Marche Financiers Read more
14/11/2012 PCS Board announcements Read more
12/06/2012 PCS launch Read more