You can find all the forms necessary to apply for an STS Verification below:
The fees for the STS Verification shall be payable in Euros or Pounds Sterling depending on the currency in which the securities are denominated. If a transaction is denominated in a currency other than Pounds Sterling or Euros, the fees shall be payable in Euros if the verification is contracted with PCS EU and Pounds Sterling if with PCS UK.
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 originators and 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. Originators and 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.
The STS Verification fee for larger transactions, if denominated in Euros is: €15,000 + VAT (if applicable)
The STS Verification fee for larger transactions, if denominated in GBP is: £12,000 + VAT (if applicable)
An annual maintenance fee will be charged for each transaction of GBP £5,000 or Euro €6,000 + VAT (if applicable).
For transactions less than £100 million or €100 million (or equivalent in other currencies):
A special fees schedule applies to master trusts when PCS is engaged to verify simultaneously multiple transactions as part of a grandfathering exercise under Article 43 of the STS Regulation. Since PCS will be verifying most of the criteria for all transactions using a single check on the same document, it is not appropriate – since our fees are cost based – to charge the full amount for each transaction as if it were a standalone transaction.
Therefore, the fees for multiple transactions under the same master trust which are subject to the same engagement will be as follows:
Maintenance fees will be charged each year for so long as two of the verified transactions are outstanding. From the time only one transaction is outstanding, the maintenance fee will be half the above stated amount until the last transaction ceases to be outstanding.
The fees are set by PCS UK and PCS EU on a group wide basis to meet the expenses of running the PCS initiative. No money is paid by way of dividend to any shareholders or members of the PCS Association (PCS UK’s and PCS EU’s parent) and the PCS initiative as a whole is run on a not-for-profit basis.
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