Process & Key Steps

The complete procedure for obtaining a label can be found in the PCS Risk Transfer Procedures Manual, available for download here. If you are planning to seek a PCS Label, we very strongly recommend that you and your legal advisers download the PCS Risk Transfer Procedures Manual and become familiar with it.

This section sets out briefly the key elements in the procedure for the award of the PCS Risk Transfer  Label.  Protection Buyers thinking about seeking a Label are advised to inform PCS as soon as possible, by sending an email to setting out the outline of the transaction and likely timing.

At least 15 business days before the Label is awarded, the protection buyer and arranger should download an Risk Transfer Application Form, complete it and return it to This form confirms agreement to the terms and conditions of the PCS Risk Transfer Label which may be found here.

The PCS Secretariat would confirm receipt of the form and inform the protection buyer of the Screening Partner who will verify the relevant information.

A PCS Risk Transfer checklist can be downloaded by clicking here. If the required Jurisdiction or Eligible Asset class does not fall with in existing preset checklist template, please contact the PCS at  The applicant and its legal advisers  would then fill out the checklist, setting out where in the offering document the Screening Partner could find confirmation of the relevant PCS requirement.

The legal advisers to the transaction will also draft the Risk Transfer Protection Buyer Certificate confirming other PCS requirements.

The legal advisers to the transaction will then forward to the PCS the draft of the offering document (if any), any required transaction documents, the completed checklist and the Protection Buyer Certificate. PCS will verify that these documents do evidence compliance with the PCS requirements.

If an issue arises, PCS will seek to resolve it with the protection buyer and their legal advisers.

Once PCS is satisfied that appropriate evidence of compliance with the PCS requirements can be found in the offering document and the Protection Buyer Certificate, it will confirm to the protection buyer that the risk instrument has been awarded the PCS Risk Transfer Label.

If any part of the documents relevant to the checklist should change at a later stage, it is the obligation of the protectioin buyer and the legal advisers to the transaction to immediately inform PCS.   The award of a PCS Risk Transfer Label remains in the discretion of PCS. Should PCS decline to award the PCS Risk Transfer Label, the protection buyer may have recourse to the appeals procedure set out in the PCS Risk Transfer Procedures Manual.

Please note that, to avoid any suggestion of a conflict of interest, the labeling fee is payable by the protection buyer from the moment a checklist is sent to the Screening Partner and is not dependant upon the award of a label.

Further information

    • PCS Risk Transfer Terms and Conditions more >
    • PCS Risk Transfer Procedures Manual more >
    • Label Fees more >