It has been a long and winding road towards the STS regime and many are weary. However, we are not quite there yet. Two key issues remain. The first is the issue of the interpretation of the STS criteria, which is the subject matter of an EBA consultation. The second is the data disclosure requirements, within the purview of ESMA. Getting these two issues right remains a key necessary step to a viable and, hopefully, vibrant European securitisation market.
This is why PCS would like to remind all stakeholders of the upcoming public hearing to be held by the EBA on June 11th in London on their consultation regarding the interpretation of the STS criteria. Although, in our estimation, the EBA has produced overall very sensible and positive suggestions in their consultation, on a few points changes would be welcome and, at times, necessary.
The EBA has extended the registration deadline to 29th May and so we encourage all those who have yet to register and feel, as we do, that there are still important issues to clarify to attend and add their voices to the debate.