PCS welcomed on Friday 16th May, the European Securities and Markets Authority (ESMA) as a Permanent Observer and Amundi and Freshfields as new Members of the PCS Association. ESMA joins the European Banking Authority (EBA) as a Permanent Observer to be the second European regulatory body to sit on the PCS Association’s meeting. On the same day, Amundi – with close to € 800billion of assets under management, the first ranking European asset manager- and Freshfields, one of the world’s preeminent law firms, also became members. This felicitously coincided with the award by PCS of its 50th label to a transaction originated by Nationale-Nederlanden Bank N.V. This was one of 21 originators (across 19 groups) who have chosen to obtain a PCS label, including 8 groups that are not yet members of the PCS Association.