PCS is proud to announce that today PCS was authorised as a third party verification agent by the UK Financial Conduct Authority. This authorisation represents for us the culmination of nearly seven years of effort and the realisation of the original intent of the PCS initiative when it was launched back in 2012 at the Global ABS conference.
PCS will be able to provide verifications for European originators of the STS status of their transactions in line with Article 27 of the STS Regulation with immediate effect.
The authorisation is valid for the entire European Union and will continue to be so for so long as the United Kingdom remains in the European Union (including as a result of any deferral of the departure date under Article 50) or, in the event of a deal being struck, during the transition period expected to last 18 months. In the case of a “no deal” Brexit on March 29, PCS also anticipates receiving its French authorisation in the first days of April allowing us to continue to serve the EU27.
PCS very much looks forward to serving the European securitisation market and all its stakeholders as a third party verification agent on the same not-for-profit basis that has been its hallmark since its inception.