PCS becomes authorised as a third-party verification agent in France

PCS is happy to announce that its Paris based entity, Prime Collateralised Securities (PCS) EU sas, has been authorised by the Autorité des Marchés Financiers (AMF) as a third-party verification agent pursuant to article 28 of the STS Regulation, effective immediately.

With Prime Collateralised Securities (PCS) UK Limited, authorised in the United Kingdom by the Financial Conduct Authority (FCA) last March, the PCS initiative now possesses authorisation in two separate European Union jurisdictions.  This will allow originators to select which entity they wish to contract with to obtain a verification of the STS status of their transactions.  For so long as the United Kingdom remains in the European Union, both entities’ verifications will fully meet the requirements of the STS Regulation as they both benefit from a passporting authority valid throughout the union.  Thereafter, our current configuration will allow us to maintain our work for the benefit of the securitisation markets across the European space and irrespective of the final outcome of the Brexit process.

Together with the recent hire of Martina Spaeth, this marks a key step in PCS’ development as a genuinely pan-European operation, based in a number of European locations and with analytical staff from a range of European countries and experienced in local markets as well as familiar with local languages.