Building more effective and attractive capital markets in the EU
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Rethinking the Securitisation Risk Weight Floor
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PCS Presents: Basel 3.1 in partnership with KPMG
In a new venture for PCS, we present our first YouTube interview with experts and market participants. Designed to delve deeper into a specific subject, this first interview is with Alec Innes, partner at KPMG who addresses the final implementation of the Basel framework. Alec delves into the multifaceted realm of Basel 3.1 capital requirements and its profound implications for banks. He dissects the operational changes that Basel 3.1 will drive and the financial resource challenges that accompany them. He examines the dichotomy of Basel 3.1 as both a regulatory aid but also a potential hindrance, navigating the fine line […]
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Développer les marchés de capitaux européens pour financer l'avenir
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Developing european capital markets to finance the future
In one of those highly technical yet genuinely impactful regulatory decisions, the EBA issued an opinion backing a decision of CONSOB on collateral for synthetic transactions. Briefly, you cannot have an STS synthetic transaction unless it is either in the form of a credit linked note (CLN) or it is cash collateralised. In Italy, for legal reasons, CLNs do not work. Further, the rules prohibit the cash collateral from being held by the originating bank unless that bank is at least CQS2. Again, in Italy, because of issues relating to rating agencies’ sovereign caps, banks are not CQS2. This meant […]
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14/06/2024
Norway's securitisations to join the EU
It is not a widely known fact that some European Union laws can be adopted by the other three countries of the European Economic Area - namely Norway, Iceland and Lichtenstein - in such a way that, once adopted those countries are considered to be fully part of the EU for the purposes of the subject matter of those laws. Even less known, we suspect, is that the EU Securitisation Regulation is such a law. This week, five years after coming into force in the EU, the Securitisation Regulation (and its later 2021 amendment) was formally adopted by the EEA. […]
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29/05/2024
June 2024 Newsletter
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13/05/2024
Anna Woźniakowska joins PCS
PCS is proud and delighted to announce that Anna Woźniakowska-Dębiec is the newest member of the PCS team. Trained as a lawyer, Anna has a range of experience within both the private sector and the Polish Financial Supervision Authority. She was both a member of the EBA Subgroup on Securitisation and Covered Bonds and ESMA Securitisation Task Force. Anna joined the PCS Outreach Team. Beyond her professional engagements, she actively contributes to various women’s initiatives, including serving as a board member for the Polish Ladies Golf Association.
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01/05/2024
PCS Presents: Basel 3.1 in partnership with KPMG
In a new venture for PCS, we present our first YouTube interview with experts and market participants. Designed to delve deeper into a specific subject, this first interview is with Alec Innes, partner at KPMG who addresses the final implementation of the Basel framework. Alec delves into the multifaceted realm of Basel 3.1 capital requirements and its profound implications for banks. He dissects the operational changes that Basel 3.1 will drive and the financial resource challenges that accompany them. He examines the dichotomy of Basel 3.1 as both a regulatory aid but also a potential hindrance, navigating the fine line […]
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30/04/2024
PRA and FCA publish the new UK securitisation rules
Following the publication by the UK Treasury of the draft statutory instrument, the FCA and PRA have today published policy statements on the new securitisation rules. These policy statements, each containing the full new proposed rules, can be found here and here. (Note that the proposed PRA rules are to be found hidden in the appendices - scroll down the left hand column). These rules, together with the statutory instrument will come into force on November 1st. This is all to the good since the market will take some time to digest these documents with the FCA rules alone running […]
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29/04/2024
And the support kept rolling in from everywhere...again
Following a plethora of voices supporting the revival of European securitisation, last week saw another addition to the chorus. It came in the form of the publication of the report by a committee set up by the French Treasury and headed by Christian Noyer. The report entitled "Developing European Capital Markets to Finance the Future" (which can also be read in the original French) makes for interesting reading indeed, especially in its opening analysis of the reasons why many European policy makers are deeply concerned about the consequences of an underpowered European capital market. To its credit, the report also […]
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24/04/2024
UK Treasury publishes draft securitisation statutory instrument
Earlier this week, the UK Treasury published a draft statutory instrument on securitisation. For our readers less well versed in the British constitutional arrangements, a statutory instrument is a secondary piece of legislation passed by the government pursuant to an Act of Parliament (pace my British legal friend, I know but we are summarising here…). In Brussels it would be known as Level 2 and in many European jurisdictions as a “decree”. This draft is designed to fill in gaps left by the post-Brexit repeal of EU legislation, including the Securitisation Regulation. As assidous followers of PCS’ news items know, the […]
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18/04/2024
And the support kept rolling in from everywhere...
In the past few months, the revival of a safe and strong securitisation market as a key priority for Europe's future has received high level support from numerous directions, including the ECB's president, its Governing Council, the Eurogroup and the finance ministers of France and Germany. This week, more support came from Enrico Letta in his report on the European Single Market. The report was commissioned by EU leaders last year. It was designed and is likely to influence the European Council’s strategic agenda for the next five years following the elections in June of a new Parliament and the […]
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21/03/2024
Eurogroup adds its support for the revitalisation of European securitisation
The only thing arriving seemingly in greater numbers than new public securitisation transactions this March are expressions of support for the market from European policy makers. The same day as the supportive Governing Council of the ECB's statement but maybe less noticed, we saw the publication of the "Statement of the Eurogroup in inclusive format on the future of the Capital Markets Union". The Eurogroup is an informal body created in 1997 in which the ministers from the euro area member states discuss matters relating to their countries' common responsibilities related to the euro. This statement was the result of a […]
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16/03/2024
PCS files its response to ESMA's consultation on disclosure
PCS has filed its response to ESMA's consultation on disclosure requirements. Our views are that the current disclosure templates are overly prescriptive, contain many unnecessary requirements and have become a deterrent to potential originators. This constricts a European securitisation market that is ever more necessary to the future of the continent. Even if one does not want to wade through the more than twenty pages of our response, containing a number of fairly technical points, we would invite stakeholders to peruse our general considerations on the subject set out in the first few pages.
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11/03/2024
More support for securitisation reform from the ECB
Following the speech by Christine Lagarde last November calling for the revitalisation of the European securitisation market as a key priority for the European Union, the European Central Bank has now issued a statement by its Governing Council on advancing the Capital Markets' Union. As in the speech by Ms Lagarde, the statement places the growth of a securitisation market at the center of its recommendations. Together with consolidated European supervision, the harmonisation of insolvency, accounting and securities laws, the improvement of post-trading regimes and the amelioration of the fiscal disadvantage faced by equity investments, securitisation is one of the […]
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26/02/2024
Securitisation, Europe's categorical imperative
It is rare for Immanuel Kant's name to be associated with the technical subject of securitisation. Yet this is what happened when Christine Lagarde asked for a "Kantian shift" in respect of the CMU. Taking our cue from such eminent personage, PCS also called on the memory of the great Enlightenment philosopher in an article published in Eurofi's Regulatory Update magazine and entitled, "Securitisation, Europe's categorical imperative".In the article, we set out the reasons securitisation's benefits go well beyond assisting European banks with episodic capital tight spots. Securitisation, by helping at one and the same time both the banking channel […]
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31/01/2024
PCS response to the PRA consultation on the output floor
Today, PCS submitted its response to the PRA on its consultation on how best to handle the introduction of the output floor pursuant to Basel 3.1 as it relates to securitisation. Although welcoming the PRA’s suggestions, PCS felt bound to point out that all the obvious difficulties that flow from a rigid application of the proposed Basel rules to securitisations – and especially SRT securitisations – flow from the original miscalibration of the capital requirements. More specifically, they flow from an incorrectly calibrated non-neutrality factor. This is then made worse by structural flaws in the current CRR architecture that results […]
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21/12/2023
ESMA's Christmas Present: a Consultation on the Disclosure Templates
With the markets pretty much gone for the festive break, ESMA gave the markets an unexpected Christmas gift: it published today the much-awaited public consultation on the overhaul of Securitisation Regulation's disclosure templates. To be commended, ESMA's consultation showed no lack of ambition, in that it opens potentially wide vistas of change rather than limiting itself to tweaks. ESMA seeks feedback on four possible ways forward, ranked from minimal to most extensive: The deadline for response is the 15 March 2024.
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14/12/2023
2023 - The STS Year in Review
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17/11/2023
Lagarde calls for a strong securitisation market as an essential component of a historically necessary change to Europe's finance architecture
It is not everyday that a public official calls upon the legacy of the great philosopher Immanuel Kant, but Christine Lagarde did just that today in a short but impactful speech on the historical necessity of the creation of a strong European capital market's union. A more than notable passage in the speech reads: "A genuine CMU would mean building a sufficiently large securitisation market, allowing banks to transfer some risk to investors, release capital and unlock additional lending." Not only is this very high profile support for a strong securitisation market positive, but it should be noted that it […]
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03/11/2023
UK PRA publishes a paper on future capital calibrations
Following publication of HM Treasury’s near final statutory instrument and consultations by the PRA and FCA, all aiming to adapt the inherited EU Securitisation Regulation for a post-Brexit UK, the PRA has now issued a Discussion Paper on the Capital Requirements for Securitisation. The paper focuses on the consequences for the capital requirements of securitisations of the Basel 3 output floor, the hierarchy of methods for determining these capital requirements and a possible STS for on-balance-sheet (synthetic) securitisations. The initial suggestions of the PRA in all 3 areas deviate from the current trends in EU regulation and are not altogether […]
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16/10/2023
October 2023 Newsletter
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27/09/2023
New PCS Member
It is a great pleasure to announce that Piraeus Bank, a leading systemic Greek Bank, has become the newest member of the PCS Association. We welcome them to the PCS family and look forward to their participation and input.
In a new venture for PCS, we present our first YouTube interview with experts and market participants. Designed to delve deeper into a specific subject, this first interview is with Alec Innes, partner at KPMG who addresses the final implementation of the Basel framework. Alec delves into the multifaceted realm of Basel 3.1 capital requirements and its profound implications for banks. He dissects the operational changes that Basel 3.1 will drive and the financial resource challenges that accompany them. He examines the dichotomy of Basel 3.1 as both a regulatory aid but also a potential hindrance, navigating the fine line […]
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Securitisation Quo Vadis Revisited
At the end of 2021, PCS presented a webinar entitled “Quo Vadis” that tried to sketch out the issues that would shape 2022 for the securitisation market. When we look at the topics we dealt with then, we find that in every case, much has happened since then. But we also find that, although securitisation has travelled a long way down the road – and not always in a direction or at the speed anticipated – in no case have we reached the end of any particular road. So, this January, we will reprise our Quo Vadis webinar to look […]
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Securitisation Quo Vadis?
As the year winds up, there will be many presentations looking into 2022 and seeking to map out the course of European securitisation in the coming months. They will focus on the many securitisation specific developments we can anticipate for next year. In our “Quo Vadis?” webinar, PCS will seek to look both a little further and a little wider to reflect on the forces that may impact the European securitisation market not only in 2022 but beyond, from ESG to Basel 3, and how these may interact with each other. The original answer to the question “quo vadis?” was, […]
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HFSF & PCS STS Workshop
In order to mark the occasion of HFSF joining the Prime Collateralised Securities Association, you are cordially invited to attend our joint session on Securitisation. The webinar is designed for all stakeholders, from those with only the most basic knowledge of securitisations but interested in understanding synthetics, to practitioners who seek to measure the impact of the new STS regime on their documentation and transaction structures. Agenda 0:00 0:10 Opening Remarks- Ilias Ε. Xirouhakis, Chief Executive Officer, HFSF- Michael Haralabidis, Chief Risk Officer, HFSF 0:10 0:25 Introduction to the PCS Association- Ian Bell, Chief Executive Officer, PCS 0:25 0:45 The basic mechanics […]
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Synthetic STS Part 2
PCS has crafted an online workshop for all those who want to better understand the new STS regime for synthetic/on-balance-sheet securitisations. It is designed for all stakeholders, from those with only the most basic knowledge of securitisations but interested in understanding synthetics to practitioners who seek to measure the impact of the new STS regime on their documentation and transaction structures. The aim of the workshop is to provide insight and understanding around the rationale and approach of the new regime rather than be a “laundry list” of provisions and rules copied from the legislation. We will also go through […]
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Synthetic STS Part 1
PCS has crafted an online workshop for all those who want to better understand the new STS regime for synthetic/on-balance-sheet securitisations. It is designed for all stakeholders, from those with only the most basic knowledge of securitisations but interested in understanding synthetics to practitioners who seek to measure the impact of the new STS regime on their documentation and transaction structures. The aim of the workshop is to provide insight and understanding around the rationale and approach of the new regime rather than be a “laundry list” of provisions and rules copied from the legislation. We will also go through […]
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Sustainable Securitisation Today & Tomorrow
Like climate change, European rule making around sustainability and capital markets is moving with extraordinary speed. So swiftly indeed that there are already a number of rules that impact securitisations today and are yet not always fully understood. In addition to those rules, more are coming towards us fast. As part of its Insight series, PCS has crafted a webinar that will seek to bring stakeholders up to date with the rules that are impacting or will soon impact European securitisations and those the drafting of which is already well in train. The aim is to allow all market participants […]
PCS has brought together for you key documents and articles on a given topic to allow you to access all the stuff you need to become an instant expert. If you wish to delve deeper into the more hardcore material – the actual laws, regulations and regulatory rules and guidelines, then you should go to our Essentials library. Also, when looking here, be attentive to the dates of documents. Things may have changed since they were published. But if we put them here it is because they remain relevant and interesting.
Building more effective and attractive capital markets in the EU
Read
03/05/2024
Rethinking the Securitisation Risk Weight Floor
Read
30/04/2024
Développer les marchés de capitaux européens pour financer l'avenir
Read
30/04/2024
Developing european capital markets to finance the future
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30/04/2024
Much more than a market
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26/03/2024
The European Securitization Market: Effects of an Uneven Regulatory Playing Field
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21/02/2024
EUROFI - Regulatory Update, February 2024
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04/10/2023
ECB: The European significant risk transfer securitisation market
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13/09/2023
A French-German roadmap for the CAPITAL MARKETS UNION
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02/07/2023
Reviving securitisation in the EU: A critical analysis of the reporting requirements
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21/04/2023
CP Guidelines on the STS criteria for on-balance-sheet securitisation
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15/02/2023
AFME : Adjustments to the Securitisation Framework – CRR3
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12/12/2022
Joint Committee Advice on the review of the securitisation prudential framework - Banking
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12/12/2022
Joint Committee Advice on the review of the securitisation prudential framework - Insurance
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10/11/2022
Impact of the SA Output Floor on the European Securitisation Market
This research paper examines the impact on the European securitisation market of the introduction by regulators of the Standardised Approach (SA) Output Floor. This rule change forms one of the final elements of Basel III. It requires that advanced banks, those which calculate regulatory capital based on the Internal Ratings Based Approach (IRBA), hold the greater of (i) IRBA capital and (ii) a percentage of the capital one obtains when the alternative SA is employed. Key takeaways These findings suggest that implementation of the SA Output Floors will disfavour one asset class substantially while benefiting another asset class with no clear […]
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30/09/2022
Securitisation:ghosts of crisis past
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04/08/2022
Comparing CB, ABS and Corporate Bond Liquidity
This study examines the relative liquidity of Asset Backed Securities (ABS), Covered Bonds (CBs) and Corporate Bonds (Corps). The measure of liquidity that the study employs is half the bid-ask spread divided by the mid-price. This equals half the round-trip cost of buying and selling the security per unit of value of the position as reflected in current market quotes. The study focuses on Investment Grade (IG), GBP-denominated securities and senior ABS. The study compares the liquidity of different categories of ABS, namely Simple Transparent and Standardised (STS) versus non-STS ABS. To compare the liquidity of any two categories of […]
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18/07/2022
Synthetic securitisation as a key capital and risk management tool for the Greek banking sector
Key takeaways HFSF in collaboration with PCS published a bulletin focusing on the role Synthetic Securitisation can play in managing capital and credit risk for Greek Banks. This analysis describes the basic structures, the main practices applied and the benefits that can be derived for Greek Banks and the Greek economy as a whole, from using Synthetic Securitisation. The inclusion of synthetic securitisation to the Simple, Transparent and Standardised (STS) framework provides additional benefit due to the lower capital requirements under the Capital Requirements Regulation. Synthetic securitisation is a mechanism that allows banks to reduce their exposure to specific sectors […]
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01/02/2022
EUROFI- EU securitisation relaunch: critical political decisions and timing
Finding it difficult to find those key legislative guidelines and technical standards? Want to go back to the original statute? PCS brings together all the key reference texts on securitisation in Europe.
Join us for the 3rd Annual Nordics Symposium, on the 4th September 2024, in association with Waselius and Vinge - this year, we return to Helsinki.
This season's theme, "Securitisation, Europe’s Categorical Imperative" explores various ways forward for CMU and the European securitisation market
This one-day, in-person event offers a unique opportunity to engage with industry experts, discuss market trends, and network with peers.
Topics of discussion include:
An exploration of the pathways that lie ahead for the securitisaton market in Europe
Insights from policymakers/regulators
Panel discussions with key industry players
Current trends in the
[...]
Join us for the 3rd Annual Warsaw Symposium, on the 17th September 2024, in association with DLA Piper.
This season's theme, "Securitisation, Europe’s Categorical Imperative" explores various ways forward for CMU and the European securitisation market
This one-day, in-person event offers a unique opportunity to engage with industry experts, discuss market trends, and network with peers.
Topics of discussion include:
An exploration of the pathways that lie ahead for the securitisaton market in Europe
Insights from policymakers/regulators
Panel discussions with key industry players
Current trends in the local market
All PCS events are complimentary.
[...]
Join us for the 3rd Annual Athens Symposium, on the 26th September 2024, in association with HFSF and Clifford Chance.
This season's theme, "Securitisation, Europe’s Categorical Imperative" explores various ways forward for CMU and the European securitisation market
This one-day, in-person event offers a unique opportunity to engage with industry experts, discuss market trends, and network with peers.
Topics of discussion include:
An exploration of the pathways that lie ahead for the securitisaton market in Europe
Insights from policymakers/regulators
Panel discussions with key industry players
Current trends in the local market
All PCS events are complimentary.
[...]
Join us for the 3rd Annual Milan Symposium, on the 8th October 2024, in association with A&O Shearman.
This season's theme, "Securitisation, Europe’s Categorical Imperative" explores various ways forward for CMU and the European securitisation market
This one-day, in-person event offers a unique opportunity to engage with industry experts, discuss market trends, and network with peers.
Topics of discussion include:
An exploration of the pathways that lie ahead for the securitisaton market in Europe
Insights from policymakers/regulators
Panel discussions with key industry players
Current trends in the local market
All PCS events are complimentary.
[...]
Join us for the 3rd Annual London Symposium, on the 13th of February 2025, in association with A&O Shearman.
This season's theme, "Securitisation, Europe’s Categorical Imperative" explores various ways forward for CMU and the European securitisation market
This one-day, in-person event offers a unique opportunity to engage with industry experts, discuss market trends, and network with peers.
Topics of discussion include:
An exploration of the pathways that lie ahead for the securitisaton market in Europe
Insights from policymakers/regulators
Panel discussions with key industry players
Current trends in the local market
All PCS events are complimentary.
[...]
Join us for the 3rd Annual Madrid Symposium, on the 5th of February 2025, in association with Cuatrecasas.
This season's theme, "Securitisation, Europe’s Categorical Imperative" explores various ways forward for CMU and the European securitisation market
This one-day, in-person event offers a unique opportunity to engage with industry experts, discuss market trends, and network with peers.
Topics of discussion include:
An exploration of the pathways that lie ahead for the securitisaton market in Europe
Insights from policymakers/regulators
Panel discussions with key industry players
Current trends in the local market
Our website for the program
[...]
Join us for the 3rd Annual Frankfurt Symposium, on the 2nd April 2025, in association with Clifford Chance.
This season's theme, "Securitisation, Europe’s Categorical Imperative" explores various ways forward for CMU and the European securitisation market
This one-day, in-person event offers a unique opportunity to engage with industry experts, discuss market trends, and network with peers.
Topics of discussion include:
An exploration of the pathways that lie ahead for the securitisaton market in Europe
Insights from policymakers/regulators
Panel discussions with key industry players
Current trends in the local market
All PCS events are complimentary.
[...]
Learn about Significant Risk Transfer (SRT) in Central & Eastern Europe through SCI’s Emerging Europe SRT Seminar. Tailored for emerging SRT practitioners, this event provides insights into the unique challenges and opportunities in SRT strategies. Connect with industry leaders for practical insights on navigating this evolving landscape.
SRT transactions are increasingly common across Central and Eastern Europe, with local regulators showing acceptance of synthetic securitization. A growing ecosystem of legal, tax, and capital advisors is supporting this trend. While Poland leads in SRT activity, other CEE markets are also expected to grow. This growth is anticipated to be gradual, with new players entering the market and existing ones issuing repeat deals as investor interest in the region grows.
Panel highlight:
Is there such a thing as a CEE SRT market?
The CEE region offers unique dynamics with diverse jurisdictions and evolving securitisation landscapes. Dive into discussions on:
- Interplay between SRT and regional legal frameworks
- Regulatory support for synthetic securitisation
- Key challenges and opportunities in the CEE SRT market
- Identifying portfolios for homogeneous reference pools
- Exploring possibilities for multi-jurisdictional or multi-asset class trades
Learn about Significant Risk Transfer (SRT) in Central & Eastern Europe through SCI’s Emerging Europe SRT Seminar. Tailored for emerging SRT practitioners, this event provides insights into the unique challenges and opportunities in SRT strategies. Connect with industry leaders for practical insights on navigating this evolving landscape.
SRT transactions are increasingly common across Central and Eastern Europe, with local regulators showing acceptance of synthetic securitization. A growing ecosystem of legal, tax, and capital advisors is supporting this trend. While Poland leads in SRT activity, other CEE markets are also expected to grow. This growth is anticipated to be gradual, with new players entering the market and existing ones issuing repeat deals as investor interest in the region grows.
Panel highlight:
Is there such a thing as a CEE SRT market?
The CEE region offers unique dynamics with diverse jurisdictions and evolving securitisation landscapes. Dive into discussions on:
- Interplay between SRT and regional legal frameworks
- Regulatory support for synthetic securitisation
- Key challenges and opportunities in the CEE SRT market
- Identifying portfolios for homogeneous reference pools
- Exploring possibilities for multi-jurisdictional or multi-asset class trades
Join us for the 2nd Annual PCS Paris Symposium on 14 May 2024, in association with White & Case.
This year's theme, "Securitisation- The missing component of Europe's financial architecture," explores the benefits of deploying securitisation markets in local economies.
The one-day in-person event offers a unique opportunity to engage with industry experts, discuss market trends, and build relationships. Our panels of market participants, policymakers, and regulators will provide updates on European and local developments, as well as share their insights on the future. Following the formal sessions, there will be a cocktail party for networking and informal discussions.
Topics of discussion include:
- Introduction to global securitisation markets
- Synthetic securitisation: Key features, market trends, and future prospects
- Regulatory and prudential landscape
- Panel discussions from issuers and investors
- Trends in France and European securitisation marketplace
Visit our website for the program details and registration. All PCS events are complimentary.
Join us for the 2nd Annual PCS Luxembourg Symposium on 17 April 2024, in association with EIB & EIF and Allen & Overy.
This year's theme, "Securitisation- The missing component of Europe's financial architecture," explores the benefits of deploying securitisation markets in local economies.
The one-day in-person event offers a unique opportunity to engage with industry experts, discuss market trends, and build relationships. Our panels of market participants, policymakers, and regulators will provide updates on European and local developments, as well as share their insights on the future. Following the formal sessions, there will be a cocktail party for networking and informal discussions.
Topics of discussion include:
- Introduction to global securitisation markets
- Synthetic securitisation: Key features, market trends, and future prospects
- Regulatory and prudential landscape
- Panel discussions from issuers and investors
- Trends in Luxembourg and European securitisation marketplace
Visit our website for the program details and registration. All PCS events are complimentary.
Get answers to recent developments and predictions in the securitisation market during the 18th edition of the Securitisation Event. The largest international event in the Netherlands where knowledge sharing is key. More than 250 participants come together annually to discuss the game-changing developments in the market.
Join us for the 2nd Annual PCS Frankfurt Symposium on 19 March 2024, in association with Clifford Chance.
This year's theme, "Securitisation- The missing component of Europe's financial architecture," explores the benefits of deploying securitisation markets in local economies.
The one-day in-person event offers a unique opportunity to engage with industry experts, discuss market trends, and build relationships. Our panels of market participants, policymakers, and regulators will provide updates on European and local developments, as well as share their insights on the future. Following the formal sessions, there will be a cocktail party for networking and informal discussions.
Topics of discussion include:
- Introduction to global securitisation markets
- Synthetic securitisation: Key features, market trends, and future prospects
- Regulatory and prudential landscape
- Panel discussions from issuers and investors
- Trends in Germany and European securitisation marketplace
Visit our website for the program details and registration. All PCS events are complimentary.
The European Securities and Markets Authority has launched a consultation on the revision of the Disclosure Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS)
"The UK securitization market sits on the precipice of radical change. Brexit has put the UK government in charge of its regulatory destiny, while the 20+ years of blissfully low-interest rates is well and truly over. After years of struggling, some would say to exist, market participants in UK securitization finally feel like they have a chance to compete. Old faces are beginning to return to the market while new ones are dipping their toes in the water.
Join GlobalCapital on March 13 in London for the opportunity to get ahead of these defining moments for the industry." - GlobalCapital Event Overview
For more details please see the GlobalCapital website: here.
06
Wed
Mar
9:00 am
PCS Symposium - Madrid: Securitisation - The missing component of Europe's financial architecture
Join us for the 2nd Annual PCS Madrid Symposium on 6 March 2024, in association with CuatreCasas.
This year's theme, "Securitisation- The missing component of Europe's financial architecture," explores the benefits of deploying securitisation markets in local economies.
The one-day in-person event offers a unique opportunity to engage with industry experts, discuss market trends, and build relationships. Our panels of market participants, policymakers, and regulators will provide updates on European and local developments, as well as share their insights on the future. Following the formal sessions, there will be a cocktail party for networking and informal discussions.
Topics of discussion include:
- Introduction to global securitisation markets
- Synthetic securitisation: Key features, market trends, and future prospects
- Regulatory and prudential landscape
- Panel discussions from issuers and investors
- Trends in Spain and European securitisation marketplace
Visit our website for the program details and registration. All PCS events are complimentary.
The Structured Finance Association (SFA) is excited to once again present the largest capital markets conference in the world, SFVegas 2024 from Sunday, February 25 - Wednesday, February 28, 2024 at the Aria Resort & Casino in Las Vegas. The three-and-a-half day program is developed by industry leaders representing the full spectrum of market participants including investors, issuers, financial intermediaries, regulators, law firms, accounting firms, technology firms, rating agencies, servicers, and trustees.
For more details, please see the SFA website here.
08
Thu
Feb
9:00 am
PCS Symposium - London: Securitisation - The missing component of Europe's financial architecture
Join us for the 2nd Annual PCS London Symposium on 8 February 2024, in association with Clifford Chance.
This year's theme, "Securitisation- The missing component of Europe's financial architecture," explores the benefits of deploying securitisation markets in local economies.
The one-day in-person event offers a unique opportunity to engage with industry experts, discuss market trends, and build relationships. Our panels of market participants, policymakers, and regulators will provide updates on European and local developments, as well as share their insights on the future. Following the formal sessions, there will be a cocktail party for networking and informal discussions.
Topics of discussion include:
- Introduction to global securitisation markets
- Synthetic securitisation: Key features, market trends, and future prospects
- Regulatory and prudential landscape
- Panel discussions from issuers and investors
- Challenges and benefits of Trade Receivables and Warehousing in securitisation deals
- Trends in Ireland and European securitisation marketplace
Visit our website for the program details and registration. All PCS events are complimentary.
Join us for the 2nd Annual PCS Amsterdam Symposium on 18 January 2024, in association with Nautadutilh.
This year's theme, "Securitisation- The missing component of Europe's financial architecture," explores the benefits of deploying securitisation markets in local economies.
The one-day in-person event offers a unique opportunity to engage with industry experts, discuss market trends, and build relationships. Our panels of market participants, policymakers, and regulators will provide updates on European and local developments, as well as share their insights on the future. Following the formal sessions, there will be a cocktail party for networking and informal discussions.
Topics of discussion include:
- Introduction to global securitisation markets
- Synthetic securitisation: Key features, market trends, and future prospects
- Regulatory and prudential landscape
- Panel discussions from issuers and investors
- Challenges and benefits of Trade Receivables and Warehousing in securitisation deals
- Trends in Ireland and European securitisation marketplace
Visit our website for the program details and registration. All PCS events are complimentary.
Join us for the 2nd Annual PCS Dublin Symposium on 11 January 2024, in association with A&L Goodbody.
This year's theme, "Securitisation- The missing component of Europe's financial architecture," explores the benefits of deploying securitisation markets in local economies.
The one-day in-person event offers a unique opportunity to engage with industry experts, discuss market trends, and build relationships. Our panels of market participants, policymakers, and regulators will provide updates on European and local developments, as well as share their insights on the future. Following the formal sessions, there will be a cocktail party for networking and informal discussions.
Topics of discussion include:
- Introduction to global securitisation markets
- Synthetic securitisation: Key features, market trends, and future prospects
- Regulatory and prudential landscape
- Panel discussions from issuers and investors
- Challenges and benefits of Trade Receivables and Warehousing in securitisation deals
- Trends in Ireland and European securitisation marketplace
Visit our website for the program details and registration. All PCS events are complimentary.
The Australian Securitisation Forum’s annual conference is the leading securitisation and covered bond event in Australia and is a highlight in the sector’s calendar.
Taking place in person at the Hilton in Sydney on Monday, November 20 and Tuesday, November 21 - the Australian Securitisation Forum's conference will bring together the securitisation industry to connect, exchange ideas and keep the conversation going as we look towards the upcoming year.
Planning for the event is underway and the ASF is looking forward to delivering another successful event following the record attendance of 2022.
The ASF looks forward to seeing you in Sydney! More details can be found here.
09
Thu
Nov
8:30 am
PCS Symposium - Milan: Securitisation - The missing component of Europe's financial architecture
Join us for the 2nd Annual PCS Milan Symposium on 9 November 2023, in association with Allen & Overy.
This year's theme, "Securitisation- The missing component of Europe's financial architecture," explores the benefits of deploying securitisation markets in local economies.
The one-day in-person event offers a unique opportunity to engage with industry experts, discuss market trends, and build relationships. Our panels of market participants, policymakers, and regulators will provide updates on European and local developments, as well as share their insights on the future. Following the formal sessions, there will be a cocktail party for networking and informal discussions.
Topics of discussion include:
- Introduction to global securitisation markets
- Synthetic securitisation: Key features, market trends, and future prospects
- Regulatory and prudential landscape
- Panel discussions from issuers and investors
- Challenges and benefits of Trade Receivables and Warehousing in securitisation deals
- Trends in Italy and European securitisation marketplace
Visit our website for the program details and registration. All PCS events are complimentary.
Join us for the 2nd Annual PCS Brussels Symposium on
7 November 2023, in association with Allen & Overy (Belgium) LLP.
This year's theme, "Securitisation- The missing component of Europe's financial architecture," explores the benefits of deploying securitisation markets in local economies.
The one (full day) in-person event offers a unique opportunity to engage with industry experts, discuss market trends, and build relationships. Our panels of market participants, policymakers, and regulators will provide updates on European and local developments, as well as share their insights on the future. Following the formal sessions, there will be a cocktail party for networking and informal discussions.
Topics of discussion include:
- Introduction to global securitisation markets
- Synthetic securitisation: Key features, market trends, and future prospects
- Regulatory and prudential landscape
- Panel discussions from issuers and investors
- Green Securitisation
- Trends in Italy and European securitisation marketplace
Visit our website for the program details and registration. All PCS events are complimentary.
The UK Prudential Regulatory Authority (UK PRA) has taken a significant step forward by launching a public consultation on proposed changes to the retained EU Securitisation Regulation and the accompanying technical standards on risk retention and disclosure.
The deadline for submissions is Monday 30 October 2023.
IMN & FIIN are delighted to announce ABS East 2023 will return to Miami Beach, FL on October 23-25, 2023. Serving as one of the most important structured finance industry conferences, the 2023 gathering anticipates a delegation of over 4,000 structured finance professionals, which includes more than 2,000 attendees representing a diverse cross section of issuers and investors in the ABS market.
For more information, see the IMN ABS East website here
Join us for the 2nd Annual PCS Lisbon Symposium on 18 October 2023, in association with VdA.
This year's theme, "Securitisation- The missing component of Europe's financial architecture," explores the benefits of deploying securitisation markets in local economies.
The one-day in-person event offers a unique opportunity to engage with industry experts, discuss market trends, and build relationships. Our panels of market participants, policymakers, and regulators will provide updates on European and local developments, as well as share their insights on the future. Following the formal sessions, there will be a cocktail party for networking and informal discussions.
Topics of discussion include:
- Introduction to global securitisation markets
- Synthetic securitisation: Key features, market trends, and future prospects
- Regulatory and prudential landscape
- Panel discussions from issuers and investors
- Challenges and benefits of Energy Receivables
- Trends in Portugal and European securitisation marketplace
Visit our website for the program details and registration. All PCS events are complimentary.
Join us for the 2nd Annual PCS Athens Symposium on 5 October 2023, in association with HFSF & Clifford Chance.
This year's theme, "Securitisation- The missing component of Europe's financial architecture," explores the benefits of deploying securitisation markets in local economies.
The one-day in-person event offers a unique opportunity to engage with industry experts, discuss market trends, and build relationships. Our panels of market participants, policymakers, and regulators will provide updates on European and local developments, as well as share their insights on the future. Following the formal sessions, there will be a cocktail party for networking and informal discussions.
Topics of discussion include:
- Introduction to global securitisation markets
- Synthetic securitisation: Key features, market trends, and future prospects
- Regulatory and prudential landscape
- Panel discussions from issuers and investors
- Greek STS securitisation market and performance
- Trends in Greece and European securitisation marketplace
Visit our website for the program details and registration. All PCS events are complimentary.
Euromoney Conferences in association with GlobalCapital presents the GlobalCapital Sustainable and Responsible Capital Markets Forum. For more details on the program, please see here.
From the organisers of Global ABS & ABS East, IMN is excited to announce the much-anticipated relaunch of ABS Asia will return to Hong Kong on September 27-28th, 2023.
This conference returns as a facilitator of 1:1 investor/issuer meetings, and as a major catalyst of structured product deal flow across the Asia-Pacific region.
For more information, see the IMN ABS Asia website here
12
Tue
Sep
DealCatalyst 2nd Annual Investors' Conference on UK Mortgage Finance
Join us for the 2nd Annual PCS Nordics Symposium: Stockholm on 12 September 2023, hosted in association with Vinge and Waselius & Wist.
This year's theme, "Securitisation- The missing component of Europe's financial architecture," explores the benefits of deploying securitisation markets in local economies.
The one-day in-person event offers a unique opportunity to engage with industry experts, discuss market trends, and build relationships. Our panels of market participants, policymakers, and regulators will provide updates on European and local developments, as well as share their insights on the future. Following the formal sessions, there will be a cocktail party for networking and informal discussions.
Topics of discussion include:
- Introduction to global securitisation markets
- Synthetic securitisation: Key features, market trends, and future prospects
- Regulatory and prudential landscape
- Panel discussions from issuers and investors
- Challenger Banks and specialized lenders panel
- Trends in Nordics and European securitisation marketplace
Visit our website for the program details and registration. All PCS events are complimentary.
S&P Global Ratings welcomes market participants back to London for their flagship annual European Structured Finance Conference. For more details on the program, please see here.
Although the UK Treasury has indicated that this is very much a final draft and that it has been published only for "final checks" they will entertain comments until 21 August
07
Mon
Aug
Publication of the consultation paper (CP) setting out FCA's proposed rules to replace the firm-facing provisions from the UK Securitisation Regulation (UK SR)
On 7 August 2023, FCA will publish a consultation paper (CP) setting out proposed rules to replace the firm-facing provisions from the UK Securitisation Regulation (UK SR) which are being transferred into our Handbook.
This CP should be read alongside the Treasury’s near-final draft of a Statutory Instrument, which will keep part of the UK SR in new legislation.
Supervisory responsibility for the UK SR is currently shared primarily between us and the Prudential Regulation Authority (PRA).
The PRA has published its own CP on proposed rules to replace firm-facing requirements in the UK SR, which it has supervisory responsibility for.
July 2023
07
Fri
Jul
Deadline for the EBA consultation Consultation on draft Guidelines on the STS criteria for on-balance-sheet securitisations
Given the growth of on-balance-sheet (synthetic) securitisations since the inclusion in Q2 2021 of synthetic securitisations to the STS framework this is quite important.
A public hearing will take place via conference call on 30 May 2023 from 14:30 to 15:30 (CEST).
The deadline for this consultation is the 7 July.
01
Sat
Jul
Beginning of the Spanish presidency of the European Union
The Conference focuses on analyzing the efficiency of the Risk function for Banksin a highly volatile macroeconomic landscape.Digital readiness has to be embedded in an effective monitoring lifecycle encompassing new ESG Risk practices by both Banks & Enterprises allowing access to finance boosting Sustainable growth. We will also uncover the increase of complexity of the Compliance process due to emerging Regulations on the current,andESG-driven risksthus exploringintelligent Regtech adoption.
Given the growth of on-balance-sheet (synthetic) securitisations since the inclusion in Q2 2021 of synthetic securitisations to the STS framework this is quite important.
A public hearing will take place via conference call on 30 May 2023 from 14:30 to 15:30 (CEST).
PCS kicked off our 2nd Annual Symposia Series tour with PCS Warsaw 2023 Symposium on the 19th April, hosted in association with DLA Piper.
Our one day symposium (in person only at the Hotel Sofitel Warsaw Victoria) was devoted to the securitisation market generally as well as in Poland specifically. The event was a chance to hear from but also speak with experts in the field, discuss market trends and build relationships. The formal part of the day was followed by a cocktail party for a more informal opportunity to exchange views and perspectives.
Our discussions covered the following topics:
An introduction of securitisation markets from a global perspective
Why synthetic securitisation? Key structural features, current market and future trends
A presentation on regulatory and prudential state of play
High level panel discussions from both issuers and investor's perspectives
Challenges and benefits of Trade Receivables and Warehousing on securitisation deals
Trends in Poland and European securitisation marketplace
Join our PCS Paris 2023 Symposium on the 16th March, hosted in association with White & Case.
Our one day symposium (in person only at White & Case offices) will be devoted to the securitisation market generally as well as in France specifically. The event will be a chance to hear from but also speak with experts in the field, discuss market trends and build relationships. The formal part of the day will be followed by a cocktail party for a more informal opportunity to exchange views and perspectives.
Our discussions will cover the following topics:
A new look at the European securitisation market: its history and fundamental concepts that underpin it
SRT- what is on the horizon and will it become the driver of all European securitisation?
Green: Accelerant or threat for the European securitisation market?
Europe Quo Vadis? High level panel discussions on current trends and perspectives on both the French and European marketplace
Presentation by ACPR on regulatory and prudential perspective
For more updates on the Agenda & Speakers, and to Register, see below:
Join our PCS Frankfurt 2023 Symposium on the 14th March, hosted in association with Clifford Chance.
Our one day symposium (in person only at Clifford Chance offices) will be devoted to the securitisation market generally as well as in Germany specifically. The event will be a chance to hear from but also speak with experts in the field, discuss market trends and build relationships. The formal part of the day will be followed by a cocktail party for a more informal opportunity to exchange views and perspectives.
Our discussions will cover the following topics:
A new look at the European securitisation market: its history and fundamental concepts that underpin it
SRT- what is on the horizon and will it become the driver of all European securitisation?
High level panel discussions on current trends and perspectives on both German and European marketplace
For more updates on the Agenda & Speakers, and to Register, see below:
Join our PCS Luxembourg 2023 Symposium on the 7th March, hosted in association with EIB, EIF and DLA Piper.
Our one day symposium (in person only at EIB offices) will be devoted to the securitisation market generally as well as in Luxembourg specifically. The event will be a chance to hear from but also speak with experts in the field, discuss market trends and build relationships. The formal part of the day will be followed by a cocktail party for a more informal opportunity to exchange views and perspectives.
Our discussions will cover the following topics:
A new look at the European securitisation market: its history and fundamental concepts that underpin it
SRT- what is on the horizon and will it become the driver of all European securitisation?
High level panel discussions on current trends and issues related to European regulation
For more updates on the Agenda & Speakers, and to Register, see below:
The Structured Finance Association (SFA) is excited to once again present the largest capital markets conference in the world, SFVegas 2023, February 26-March 1, 2023 at the Aria Resort & Casino in Las Vegas. The three-and-a-half day program is developed by industry leaders representing the full spectrum of market participants including investors, issuers, financial intermediaries, regulators, law firms, accounting firms, technology firms, rating agencies, servicers, and trustees.
PCS London 2023 Symposium, 21st February, hosted in association with Allen & Overy.
Our one day symposium (in person only at Allen & Overy offices) was devoted to the securitisation market generally as well as in the UK specifically. The event was a chance to hear from but also speak with experts in the field, discuss market trends and build relationships. The formal part of the day was followed by a cocktail party for a more informal opportunity to exchange views and perspectives.
Our discussions:
A new look at the European securitisation market: its history and fundamental concepts that underpin it
SRT- what is on the horizon and will it become the driver of all European securitisation?
Review and reforms of prudential and non-prudential regulation
High level panel discussions on current trends and perspectives on both the UK and European marketplace
The way forward for UK in post Brexit divergence
FCA presentation on the UK securitisation regime
For more details the Agenda & Speakers, , see below:
PCS Madrid 2023 Symposium.16th February, hosted in association withCuatrecasas.
Our one day symposium (in person only at Cuatrecasas offices) was devoted to the securitisation market generally as well as in Spain specifically. The event was a chance to hear from but also speak with experts in the field, discuss market trends and build relationships. The formal part of the day was followed by a cocktail party for a more informal opportunity to exchange views and perspectives.
Our discussions:
A new look at the European securitisation market: its history and fundamental concepts that underpin it
How the macro environment is affecting the securitisation market
Synthetic STS: news players, new products
High level panel discussions on current trends, perspectives on the Spanish marketplace, laws and regulation, and main developments across asset classes
For more updates on the Agenda & Speakers, see below:
In Q4 2021, PCS presented a webinar entitled “Quo Vadis” that tried to sketch out the issues that would shape 2022 for the securitisation market.
When we look at the topics we dealt with then, we find that in every case, much as happened since then. But we also find that, although securitisation has travelled a long way down the road – and not always in a direction or at the speed anticipated – in no case has we reached the end of any particular road. So, this January we will reprise our Quo Vadis webinar to look back at how far issues did evolve in 2022 and whether this gives us a better sense of where we will collectively land in 2023 and beyond.
We will examine the future of monetary policy, whether any progress was made in respect of the final implementation of Basel III or in defining “green securitisation”. We will try to lift the lid on the disappointing response to the Commission’s call for advice and discuss where policy makers might go from there and finally how all these threads blend together (or not) to weave a future for securitisation.
AGENDA
Introduction – why “Quo Vadis?”
Monetary Policy
Basel III and the “output floors”
How green will my securitisation be? The EU GBS nears finalisation
The Securitisation Regulation Review – Much ado about nothing?
PCS Amsterdam 2023 Symposium took place on the 19thJanuary 2023, hosted in association withNautaDutilh.
Our one day symposium (in person only at NautaDutilh offices) was devoted to the securitisation market generally as well as in The Netherlands specifically. The event is be a chance to hear from but also speak with experts in the field, discuss market trends and build relationships. The formal part of the day will be followed by a cocktail party for a more informal opportunity to exchange views and perspectives.
Our discussions:
A new look at the European securitisation market: its history and fundamental concepts that underpin it
How the macro environment is affecting the securitisation market
SRT - what is on the horizon and will is become the driver of all European securitisation?
High level panel discussions on current trends covering the development of the Netherlands marketplace, and laws and regulation
Where are we with European Green Backed Securities?
For more details on the Agenda & Speakers, see below:
PCS Dublin 2023 Symposium on the 17thJanuary 2023 at the Davenport Hotel Dublin, in association with AL Goodbody and the KBRA.
Our one day symposium (in person only) was devoted to the securitisation market generally as well as in Ireland specifically. The event is a chance to hear from but also speak with experts in the field, discuss market trends and build relationships. The formal part of the day was followed by a cocktail party for a more informal opportunity to exchange views and perspectives.
Our discussions:
A new look at the European securitisation market: its history and fundamental concepts that underpin it
Perspectives on the Irish market and main developments across asset classes
SRT - what is on the horizon and will is become the driver of all European securitisation?
Developments in the Solar & Green Finance market
How the macro environment is affecting the securitisation market
The Australian Securitisation Forum’s annual conference is the leading securitisation and covered bond event in Australia and is a highlight in the sector’s calendar.
Taking place in person at the Hilton in Sydney from November 30 to December 1, the Australian Securitisation Forum's conference will bring together the securitisation industry to connect, exchange ideas and keep the conversation going as we look towards 2023.
Sessions will feature local and international market professionals and focus on takeouts from the record issuance year, market developments and what's in store for the future.
PCS Brussels 2022 Symposium in association with Allen & Overy.
This in person event was held at Allen & Overy (Belgium) offices, on the 8th of November 2022.
The event was devoted to the securitisation market generally as well as in Belgium specifically.
It covered some fundamental principles as well as discussed the most recent market and regulatory developments.
We explored the benefits of securitisation, as a crucial mechanism for financial institutions in obtaining funding but also in achieving capital relief.
The PCS European symposia series events are a chance to hear from but also speak with experts in the field, discuss market trend and build relationships. We will begin with a general discussion on synthetic and true sale securitisation, and then move on to focus on more complex issues and current market trends. The formal part of the day will be followed by a cocktail party for a more informal opportunity to exchange views and perspectives.
For more details on the Brussels Symposium Agenda & Speakers, see below:
The consultation is addressing the issue of the homogeneity in the context of synthetic STS securitisation. Although the scope is extended to also cover on-balance-sheet (synthetic) securitisations, at the same time it establishes the same criteria for the assessment of homogeneity for all securitisations.
More specifically, given the relevance of corporate and SME loans in the context of synthetic securitisations, adjustments have been made to the type of obligor to reflect the current market practices and the credit risk assessment approaches applied to those asset types.
At the same time the in the proposal, we see that similar changes are made to the respective homogeneity factor for all relevant asset types. The proposal further specifies the asset type for credit facilities provided to enterprises, where similar underwriting standards are applied as for individuals.
The deadline for submission of comments is 28th October 2022
PCS Milan 2022 Symposium in association with Hogan Lovells.
This is an in person event, held at Westin Palace, Milan, Italy, on the 18th of October 2022.
The event is devoted to the securitisation market generally as well as in Italy specifically.
It covered some fundamental principles as well as discussed the most recent market and regulatory developments. We explored the benefits of securitisation, as a crucial mechanism for financial institutions in obtaining funding but also in achieving capital relief. The event is a chance to hear from but also speak with experts in the field, discuss market trend and build relationships.
The formal part of the day is followed by a cocktail party for a more informal opportunity to exchange views and perspectives.
We begin with a general discussion on synthetic and true sale securitisation, and then move on to focus on more complex issues and current market trends.
For more details on the Agenda & Speakers, see our event page below:
ABS East 2022 will take place October 17-19 in Miami Beach, FL. Serving as one of the most important structured finance industry conferences, the 2022 gathering anticipates a delegation of over 4,000 structured finance professionals, which includes more than 2,000 attendees representing a diverse cross section of issuers and investors in the ABS market.
Now in its 28th year, ABS East has solidified its place as the must-attend Fall gathering of the securitization industry, offering beneficial market insights with actionable takeaways. As always, the program is developed by investors, and led by issuers, to ensure a timely and objective program.
The issue of the capital treatment of synthetic excess spread in the context of synthetic STS securitisation is a topic that is as arcane as it is important.
The deadline for this consultation is the 14th of October.
PCS Helsinki 2022 Symposium hosted in association with Waselius & Wist and Clifford Chance.
This in person event was held at Waselius & Wist’s office on the 22nd of September 2022
Capital and risk management is becoming increasingly important in light of the upcoming changes to calculation of risk weight under Basel III. Securitisation, especially synthetic securitisation, is an indispensable tool that is experiencing a renaissance across Europe as it is one of few instruments, apart from direct capital raising, that can help financial institutions cope with the ever increasing regulatory capital requirements.
This event covered the fundamental principles of securitisation as well as discussed the most recent market and regulatory developments. We explored the benefits of securitisation, as a crucial mechanism for financial institutions in achieving capital relief as well as obtaining funding. The event is a chance to hear from but also speak with experts in the field, discuss market trend and build relationships.
The formal part of the day is followed by a cocktail party for a more informal opportunity to exchange views and perspectives.
For more details on the Agenda& Speakers, see our event page below:
PCS Athens 2022 Symposium in association with Clifford Chance and the Hellenic Financial Stability Fund
This is an in person event at Athens Capital Center Hotel on the 20th of September 2022
The event will be devoted to the securitisation market in Greece as well as across Europe including a look at current trends and possible future developments.
The event will be a chance to meet securitisation experts, regulators, originators, arrangers, investors and servicers, discuss market trends and build relationships. The formal part of the day will be followed by a cocktail party for a more informal opportunity to exchange views and perspectives
Our discussions will address the following topics:
An overview of the key features and different types of securitisation transactions on the European market
A panel discussion on SRT and On Balance Sheet Securitisation
The key issues related to securitisation in Greece
For more details and updates on the Agenda & Speakers, see our event page below:
Deadline for the Joint Committee of the ESAs to provide the European Commission with advice on the CRR, LCR and Solvency 2 treatment of securitisations and disclosure issues
The Structured Finance Association (SFA) is excited to once again present the largest capital markets conference in the world, SFVegas 2022, July 17 - 20, 2022, at the Aria Resort & Casino in Las Vegas. The three-and-a-half day program is developed by industry leaders representing the full spectrum of market participants including investors, issuers, financial intermediaries, regulators, law firms, accounting firms, technology firms, rating agencies, servicers, and trustees.
On the 2nd May 2022 the European Supervisory Authorities (EBA, EIOPA and ESMA) published a Consultation Paper seeking input on draft Regulatory Technical Standards (RTS) on the content, methodologies and presentation of information in respect of the sustainability indicators for Simple, Transparent and Standardised (STS) securitisations.
The proposed draft RTS aim to:
facilitate disclosure by the originators of the principal adverse impacts of assets financed by STS securitisations on environmental, social and governance-related factors;
draw upon the ESAs’ work in respect of sustainability-related disclosures in the financial services under the Sustainable Finance Disclosure Regulation (SFRD).
Consultation process and next steps
The closing date for responses to the consultation is 2 July 2022.
All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’. Respondents are invited to use the “response form”.
Following the consultation period, the draft RTS will be finalised and submitted to the European Commission.
01
Fri
Jul
Beginning of the Czech presidency of the European Union
AFME & IMN are delighted to announce Global ABS 2022 will return to sunny Barcelona, Spain on 14-16 June 2022!
Each year a facilitator of thousands of 1:1 investor/issuer meetings, the conference returns as a major catalyst of structured product deal flow across Europe. Issuers looking to market their latest offerings and investors seeking yield in the ABS market will have ample opportunity to meet and stay connected before, during and after the physical conference.
Attendees will be armed with a competitive edge as they glean critical insight into the latest trends and updates on regulatory developments, emerging asset classes, products and geographies from our esteemed faculty of speakers.
A must-attend event, Global ABS is a platform that informs and engages the entirety of the European securitisation industry. We look forward to seeing you in Barcelona this June!
The conference Securitisation – a must for growth and capital management?, hosted by Vieira de Almeida (VdA) and Prime Collateralised Securities (PCS), will take place at VdA’s premises in Rua Dom Luís I, 28, LISBOA, on May 20th, between 8:30am and 5:30pm.
The event will be devoted to the securitisation market in Portugal as well as across Europe including a look at current trends and possible future developments. It will explore the benefits of securitisation, as a financing source but also as a crucial technology to manage proactively regulatory and economic capital. The event will be a chance to meet securitisation experts, regulators, originators, arrangers, investors and servicers, discuss market trends and build relationships. It is aimed at anyone currently involved in the securitisation market or thinking of becoming involved, whether intending to securitise existing portfolios, investing, using or providing warehousing or synthetically managing capital. Whether working for a bank, a loan provider, a leasing company, an originator of broadcasting rights, a public utility including energy generation and telecom company, or if you are or are thinking of participating in the structured finance market, this event will be of interest.
The event will be in-person only and will be held in English.
We will end the event with a business mixer, a great opportunity to network with participants and continue discussions.
Members of the panel: Pedro Coimbra, CFO | Banco CTT David Sanchez, SCIB – Securitised Products Group - Europe Oliver Gehbauer, Director, Credit Structuring | DB Harry Noutsos, Managing Director, Market Outreach | PCS
Members of the panel: Isabel Teixeira, CEO | doValue Portugal
João Bugalho, CEO | Arrow Global Portugal João Ferreira Marques, Managing Partner | ActiveCap Pablo Perez, Head for Iberia of Securitised Products | J.P. Morgan José Francisco Ratinho, Associate Partner | KPMG
1 pm
Networking lunch
2:30 pm
Securitisation: The Regulator’s Perspective, Portuguese Legislation and Taxation
Sandra Cardoso, Executive Coordinator at the Issuers Department | CMVM Francisco Cabral Matos, Partner Tax | VdA Orlando Vogler Guiné, Managing Associate Banking & Finance | VdA
3:15 pm
Panel discussion: Current Trends & Future
Moderator: Hugo Moredo Santos, Partner Banking & Finance | VdA
Members of the panel: Assunção Cristas, Of Counsel, Head of Practice Environment ESG Integrated Services | VdA Pedro Paulo Castro, Global Head of DCM & Treasury | Santander Consumer Finance Peter Voisey, Partner | Dentons Harry Noutsos, Managing Director, Market Outreach | PCS
4:15 pm
Closing remarks
Pedro Cassiano Santos, Head of Practice Partner Banking & Finance | VdA Ian Bell, CEO | PCS
4:30 pm
Drinks reception
April 2022
06
Wed
Apr
8:00 am
PCS Symposium - Warsaw: Securitisation - a must for growth and capital management?
Securitisation - a must for growth and capital management?
We would like to invite you to an event hosted by Christofferson Robb & Company (CRC), DLA Piper, and Prime Collateralised Securities (PCS).
The event will be devoted to the securitisation market in Poland, but will also address current market trends in Europe as a whole. It will explore the benefits of securitisation, a crucial mechanism for institutions to obtain financing and achieve capital relief. The event will be a chance to meet experts in the field, originators, arrangers and investors, to discuss market trends and to build relationships. It is aimed at institutions that intend to securitise an existing portfolio and to those that are interested in the warehousing of assets, including banks, loan providers, leasing companies, “buy now pay later” companies and telecoms companies.
Our speakers will include:
Mariusz Hyla, Partner and Head of Finance, Projects and Restructuring, DLA Piper
Bartosz Matusik, Partner and Head of Tax, DLA Piper
Steven Krivinskas, Partner, Finance, Projects, and Restructuring, DLA Piper
Paweł Turek, Counsel, Finance, Projects, and Restructuring, DLA Piper
Harry Noutsos, Managing Director, Market Outreach, Prime Collateralised Securities (PCS)
Ian Bell, CEO, Prime Collateralised Securities (PCS)
Joanna Kosek, Partner, CRC
Tomasz Osipowicz, Head of Securitisation, Santander Germany
Michał Marciszewski,Head of Securitisation, Getin Noble Bank
As the year winds up, there will be many presentations looking into 2022 and seeking to map out the course of European securitisation in the coming months. They will focus on the many securitisation specific developments we can anticipate for next year.
In our “Quo Vadis?” webinar, PCS will seek to look both a little further and a little wider to reflect on the forces that may impact the European securitisation market not only in 2022 but beyond, from ESG to Basel 3, and how these may interact with each other.
The original answer to the question “quo vadis?” was, of course, grim and we hope that the European securitisation market can avoid the fate of the man who originally asked it. But the level of uncertainty is high and the spectrum of outcomes for securitisation in the coming years is wide. PCS does not claim to offer predictions or answers, but we hope to explore to those elements most likely to determine one outcome or another. PCS will also express its own views on what it feels will be the better options in the many decisions that are to be made in the months to come.
Like climate change, European rule making around sustainability and capital markets is moving with extraordinary speed. So swiftly indeed that there are already a number of rules that impact securitisations today and are yet not always fully understood. In addition to those rules, more are coming towards us fast.
As part of its Insight series, PCS has crafted a webinar that will seek to bring stakeholders up to date with the rules that are impacting or will soon impact European securitisations and those the drafting of which is already well in train. The aim is to allow all market participants to prepare for the inevitable changes and participate in the shaping of those rules that are yet up for discussion as well as understand what is at stake for our industry.
Quick Background – ESG and capital markets
EU Green Plan
Taxonomy
Draft Green Bond Standard and the work of the TEG
Some unresolved controversies and the art of kicking cans
In order to mark the occasion of HFSF joining the Prime Collateralised Securities Association, you are cordially invited to attend our joint session on Securitisation.
The webinar is designed for all stakeholders, from those with only the most basic knowledge of securitisations but interested in understanding synthetics, to practitioners who seek to measure the impact of the new STS regime on their documentation and transaction structures.
PCS has crafted an online workshop for all those who want to better understand the new STS regime for synthetic/on-balance-sheet securitisations.
It is designed for all stakeholders, from those with only the most basic knowledge of securitisations but interested in understanding synthetics to practitioners who seek to measure the impact of the new STS regime on their documentation and transaction structures.
The aim of the workshop is to provide insight and understanding around the rationale and approach of the new regime rather than be a “laundry list” of provisions and rules copied from the legislation.
We will also go through the practical lessons learned through those synthetic verifications that we have already conducted.
Part 1 Synthetics – An overview , Ian Bell , Dr. Martina Spaeth
Part 2 STS Synthetic Regime – Deep Dive , Ian Bell, Dr. Martina Spaeth
PCS has crafted an online workshop for all those who want to better understand the new STS regime for synthetic/on-balance-sheet securitisations.
It is designed for all stakeholders, from those with only the most basic knowledge of securitisations but interested in understanding synthetics to practitioners who seek to measure the impact of the new STS regime on their documentation and transaction structures.
The aim of the workshop is to provide insight and understanding around the rationale and approach of the new regime rather than be a “laundry list” of provisions and rules copied from the legislation.
We will also go through the practical lessons learned through those synthetic verifications that we have already conducted.
Part 1 Synthetics – An overview , Ian Bell , Dr. Martina Spaeth
Part 2 STS Synthetic Regime – Deep Dive , Ian Bell, Dr. Martina Spaeth