STS Reporting Process & Key Steps

The initiation of a PCS STS Report may be started by any applicant sending in an Application to  However, we would strongly encourage prospective applicants to contact PCS before sending the Application.  This will enable us to have a conversation about the purposes for which the STS Report is sought and the timeframe in which the STS Report is sought.

Following this discussion, the applicant should download and complete an Application form found here.

When sending the Application, the applicant should inform PCS of the role that the applicant plays in relation to the transaction for which an STS Report is sought: originator, investor, potential investor or other.  Together with this information, PCS will need to know the documentary basis on which it will compile the STS Report: does the applicant have access to the whole documentation relating to the transaction or only a prospectus.

The Application will also indicate whether the applicant will wish to obtain a CRR Report and/or a Grandfathering Report.

Once a timeframe has been agreed, the Applicant will download a checklist containing the STS Criteria, as can be found here, together – if relevant – the CRR Criteria (here) and/or Grandfathering Criteria (here).

The Applicant will return the completed checklist or checklists to PCS together with a copy of any document (prospectus or transaction documents) on which it is basing its checklist answers.  PCS will verify the STS Criteria (and, if relevant, the CRR Criteria) against the checklists and the documentary evidence used to verify the checklist points to confirm how and to what extent, in its view, the transaction conforms with the requirements of STS and to what extent the evidence adduced is sufficient to demonstrates the transaction’s conformity.

The fees for STS Reports can be found in our fees’ section. The fees are payable once the STS Report is provided to the applicant.  However, please note that the application may not be cancelled once the completed checklist has been sent to PCS.

Further information

    • STS Application Form more >
    • STS Report Terms and Conditions 2018 more >