STS ABCP Verification Application Forms

All forms connected with an application for a PCS ABCP Verification must be sent to: or

You can find all the forms necessary to apply for an STS Verification below:

Application Form for an STS Verification and Assessment for PCS UK

Application Form for an STS Verification and Assessment for PCS EU


The fees for the STS Verification shall be payable in Euros or Pounds Sterling depending on the currency in which the commercial paper is denominated and, if denominated in more than one currency or  in neither sterling nor euros, as agreed with PCS .

The STS regulations do not allow the fees payable to third party verification agents to be dependent on the result of the verification activities. Therefore sponsors must bear in mind that the fees become payable on the receipt of an application form and acceptance by PCS of the engagement, and (save in certain exceptional circumstances detailed in the PCS Terms & Conditions) irrespective of whether the STS Verification is completed.  Sponsors should note that this is also the case for any maintenance fees for a transaction that proceeds without a PCS STS Verification. For the full terms and conditions regarding fees and the PCS STS Verification, please consult the PCS Terms and Conditions.

Fees will be charged on a transaction by transaction basis for any transaction within a given conduit that seeks an STS Verification.  No additional fee will be charged for the STS Verification of an ABCP conduit at program level. 

Fees will be charged depending on the number of transactions in any given ABCP conduit for which PCS is required to perform an STS Verification and annual fees will be charged on the conduit as a single fee per program in accordance with the grid below. 

The annual fee for each transaction will be £5,000 or Euro 6,000 up to a cap for each conduit.

Number of verified STS Transactions  Upfront Fees (excl. VAT) for each ABCP transaction under a Program Annual Fees Cap (excl. VAT) for each ABCP Program
1 to 5 £8,000 / Euro 9,500 £15,000 / Euro 18,000
6 to 10 £7,500 / Euro 9,000 £35,000 / Euro 40,000
11 to 20 £6,500 / Euro 8,000 £50,000 / Euro 60,000
Over 20 £6,500 / Euro 8,000 £80,000 / Euro 90,000

The cap is set out in the table above and depends on the number of transactions in the conduit.  (To clarify, the annual payment for a conduit with one STS verified deal will be Euro 6,000, for two Euro 12,000 and for three, four or five Euro 18,000.  When one moves to the sixth transaction, the new Euro 40,000 cap applies so the annual fee for the conduit becomes Euro 36,000 – 6 times Euro 6,000 – and the seventh will hit the cap of Euro 40,000).  These fees are calculated based on the cumulative number of verified transactions in a conduit which remain outstanding.

For transactions issued in the context of ABCP Programs of less than £100 million or €100 million (or equivalent in other currencies), the upfront fees will be capped at £5,000/Euro 6,000 for each such transactions.

Transactions which have more than one funder will be charged as a single transaction.  This means that for transactions where there are more than one funding conduit but only one set of documentation both the upfront and the annual fees will be divided equally between the funders.  For the avoidance of doubt, this division is made based on the number of the funding sources and is not proportional to the amount of funding provided by these sources.

Annual fees include the charge for a review of any reasonable amount of amendments on existing STS transactions.

Further information

    • Application Form for an STS Verification and Assessment for PCS UK more >
    • Application Form for an STS Verification and Assessment for PCS EU more >
    • Terms & Conditions - UK More >
    • Terms & Conditions - EU More >