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.
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24/09/2023
PCS files its response to the Financial Stability Board's request for feedback
PCS filed its response to the FSB's request for feedback on the success or otherwise of the G20 reforms of the rules surrounding securitisation. Although the FSB is a body with a global remit, in line with our social purpose and our area of expertise, PCS' response deals with the impact of securitisation regulations in Europe, including both the European Union and the United Kingdom. In view of the very short time provided by the FSB for comments - a mere three weeks - our piece is short and provides a high-level view of the impact of the current regulations […]
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31/08/2023
An invitation for feedback from the FSB (...no, not that one)
Europe’s Financial Stability Board published, on August 30th, an invitation for feedback on the effects of G20 financial regulatory reforms on securitisation . This is a precursor to a report the FSB intends to write on the topic by mid-2024 and on the draft of which they have committed to consult. With a tight deadline for submission of 22nd September, it is not clear what European securitisation stakeholders will be able to provide. The three week deadline leaves no time for the gathering of meaningful data beyond what is already on stakeholders’ shelves or the articulation of complex argumentation additional […]
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07/08/2023
UK FCA issues a consultation on proposed new rules for securitisation
As a consequence of the UK leaving the European Union, the shaping of the regulatory landscape for finance, including securitisation, became the responsibility of the British government and British regulatory institutions. Following the publication of HM Treasury's near final statutory instrument modifying the European Securitisation Regulation and the UK PRA's consultation on its proposed changes, it is now the turn of the UK FCA to issue its own consultation on changes it would like to see to the existing rules inherited from the EU. A quick glance at the just issued document appears to show at attempt at fixing some […]
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27/07/2023
UK PRA launches public consultation on proposed reforms
UK PRA launches public consultation on proposed reforms 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. Rather than undertaking a complete overhaul, the UK PRA aims to introduce targeted adjustments to the existing EU securitisation framework with a target to implement the proposed changes by Q2'24. At headline level, key changes include: While adhering closely to the current technical standards, the UK […]
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23/07/2023
New PCS Member
It is both a pleasure and an honour for us to announce that Attica Bank has become a member of the PCS Association. Headquartered in Athens, Attica Bank shares PCS' commitment to the growth of the securitisation market both in Greece and throughout Europe.
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17/07/2023
New PCS Members
PCS is honoured to receive three new members to the PCS Association. These are Alpha Bank, Eurobank and Waselius & Wist. Alpha Bank and Eurobank are two leading banks in Greece, both active in the securitisation market on the synthetic side. Waselius & Wist is a prominent Finnish law firm based in Helsinki and also active in securitisation having represented the biggest players in the market. We welcome them to the growing PCS family and look forward to their contributions to PCS’ continued mission of assisting European securitisation grow as an essential tool for the funding of the economy.
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13/07/2023
ESMA publishes an updated securitisation Q&A
It would appear policy makers and regulators are clearing their decks before departing for their summer holidays and the welcoming beach. After the publication on Monday of the retention RTS by the Commission and the publication of the near final draft of the UK securitisation statutory instrument by HMT on Wednesday, it is now the turn of ESMA. The European securities regulator has just published an updated set of securitisation Q&As. Unsurprisingly, in view of their remit, these deal primarily with disclosure and templates. Helpfully, ESMA has highlighted additions and amendments. Market participants can now add this to their beach […]
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12/07/2023
UK Treasury publishes near-final draft of the rules replacing the EU Securitisation Regulation
The UK Treasury has published a near final draft of the statutory instrument that will, in due course, fully replace the European Union Securitisation Regulation for the UK market. This draft updates the December 2022 draft on which we commented back then. It comes with a handy and helpful policy note. This new draft does not substantially alter the December version. To summarise the key points: The approach, in line with other changes to the legal and regulatory landscape of UK finance, is to remove large parts of the rules from primary law making and the UK Parliament to vest […]
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11/07/2023
PCS responds to the EBA consultation on STS synthetic guidelines and the Commission issues final RTS on retention
Two for one on news today. First, PCS filed its response to the EBA's consultation on the draft guidelines for synthetic/on-balance-sheet STS securitisations. As we approach the final implementation of the Basel III rules, the issue of capital management has loomed ever larger for many European banks. The increase in synthetic/on-balance-sheet securitisations reflects this trend. Going forward, the creation of a large and successful STS synthetic securitisation segment is likely to be a key element of the future development of the European banking system. This is why this seemingly exceedingly technical and dry consultation is, in reality, of great importance. […]
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07/06/2023
June 2023 Newsletter
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26/05/2023
Joint-Committee publishes final draft of sustainability disclosure templates for STS
Yesterday, the Joint-Committee of the ESA's published the final draft of the RTS on sustainability disclosure templates for STS. To remind everyone, the original STS rules passed in 2017 required mortgage and auto transactions to disclose sustainability information for the underlying assets but only to the extent it was available to the originator. In the 2021 amendment, an additional but entirely optional measure provided that originators of mortgage or auto STS could, should they wish, disclose slightly different information on the "principal adverse impact of the assets financed by underlying exposures on sustainability factors". The legislators then mandated the ESAs […]
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25/04/2023
EBA publishes the RTS on “synthetic excess spread” achieving a sensible and balanced approach
Following their consultation last August the EBA has just published the final draft regulatory technical standard (“RTS”) on the capital treatment of synthetic excess spread. Although a seemingly exceedingly dry and technical subject, the impact of this paper on the European banking industry should not be underestimated. In the last few years, synthetic securitisations have become a key capital management tool for an increasing number of European banks. Without such a tool, the risk of the exiguity of bank capital, in the near future, constraining the credit available to European borrowers was substantial. The regulatory treatment of synthetic excess spread […]
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21/04/2023
EBA publishes consultation paper on Guidelines on the STS criteria for on-balance-sheet (synthetic) securitisation
The European Banking Authority has just launched a consultation on the guidelines for the STS criteria for on-balance-sheet securitisation. 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. We will, in due course, review the paper and publish our views. 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, PCS will, of course, be responding.
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03/03/2023
EU Green Bond Standard getting close
This week the European Parliament, European Council and European Commission reached an agreement on a text for the European Union Green Bond Standard. This much anticipated piece of legislation will create a statutory standard for EU green bonds. As those in the securitisation community following these issues know, there was some controversy early on as to how to define "green securitisations" - particularly around whether a green securitisation ought to be a securitisation of green assets or, like other green bonds, a securitisation whose proceeds would be used for EU taxonomy compliant financings. There was also a subsidiary, if connected, […]
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02/03/2023
Under the radar
One that we suspect passed most of you by is a call for papers by CEBRA, the Central Bank Research Association, to be discussed at their annual meeting in New York this July. As many as 37 topics will be discussed, but we spotted this one, organised by Europe’s Financial Stability Board: 19*. “Effects of Financial Reforms on Securitisation Markets” With a deadline of March 10th 2023 (!) for submission of papers, it is unlikely that CEBRA will be deluged. But the fact that the FSB chose to organise this session is not uninteresting, taking into account all the discussions […]
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19/02/2023
Busy Week for the EBA - Homogeneity(Final draft) RTS and Green Lending
Last week was a busy week for the EBA when it comes to items of importance to securitisations. First, the EBA published a final draft RTS on homogeneity for synthetic securitisations. In PCS’ view, this is a thoughtful and altogether excellent proposal. First, it leaves unchanged the division for corporate loans between SMEs and larger corporates but without an artificial line being drawn between the two. On the contrary, the EBA makes it clear that the dividing line should lie where it is drawn by the bank’s own underwriting procedures (and therefore as approved by their prudential regulator. as part […]
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15/12/2022
2022 - The STS Year in Review
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12/12/2022
Joint-Committee of the ESAs response to the Commission is published - expected disappointment has materialised
Today, the Joint-Committee of the ESAs (grouping the EBA, EIOPA and ESMA) has published the long awaited response to the European Commission's Call for Advice on a possible reform of the securitisation capital calibrations under CRR and Solvency II. The response comes in two reports: one for banking and one for insurance. These can be found here and here. As they have just been published, we have yet to read the full conclusions. But the EBA announcement page gives some indication as to the proposals (or lack thereof) contained in the documents. For the CRR, the EBA has proposed to […]
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11/12/2022
UK publishes proposed amendments to the Securitisation Regulation
At the end of last week, the Chancellor of the Exchequer unveiled the government’s roadmap to a new regulatory framework for British finance. Although overlooked by most commentators, the announcement contained detailed proposals to revise the Securitisation Regulation inherited from the EU. These proposals may be found in a draft statutory instrument. There are quite a few highly technical drafting changes the implications of which are still somewhat unclear. But here are the highlights. The definition of “securitisation” remains unchanged. The STS regime remains in place. However, the STS criteria have disappeared from the legislative text altogether and are now […]
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.
PCS' Response to the EBA consultation on simple, standardised and transparent securitisations (January 2015)
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04/07/2014
PCS' Response to the ECB/Bank of England joint consultation (July 2014)
Read
07/04/2014
PCS' Response to the European Commission request for comments on the Liquidity Cover Ratio (April 2014)
Read
05/07/2013
PCS' Response to the European Commission’s Green Paper on Long-Term Finance (July 2013)
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28/05/2013
PCS' Response to EIOPA’s consultative document on a possible re-assessment of the proposed capital requirements for the securitisation holdings of insurers (May 2013)
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19/03/2013
PCS' response to the Basel Committee on its consultation on a new securitisation framework (March 2013)
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15/01/2013
PCS' Response to the Financial Stability Board’s Consultative Document on Shadow Banking (January 2013)
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.
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
"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.
17
Wed
Apr
9:00 am
PCS Symposium - Luxembourg: Securitisation - The missing component of Europe's financial architecture
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.
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)
Bank of England consultation deadline for securitisation capital requirements
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.
The Financial Stability Board invites comments on this consultation report "Evaluation of the Effects of the G20 Financial Regulatory Reforms on Securitisation" and the questions set out below.''
Responses should be submitted via this secure online form by 2 September 2024
Questions
Overall
Preliminary findings: Does the report draw the appropriate inferences about the extent to which the securitisation reforms have achieved their objectives? Is there other evidence on the effects of the reforms to complement the preliminary findings of the report?
Analytical approach: Are the descriptive analyses used to evaluate the effects of the securitisation reforms appropriate? Are there other such analyses to consider? What types of empirical analysis based on available data could inform the evaluation?
Overview of securitisation markets
Trends: Are the securitisation market trends presented in this report adequate given the scope of the evaluation? Are there other important trends that should be included and, if so, what additional data sources could be used for this purpose?
Securitisation reforms
Relevant reforms: Does the report appropriately describe the key aspects of the design and jurisdictional implementation of the BCBS and IOSCO reforms for analysing their impact on securitisation markets? Are there other important aspects of these reforms that should be considered for inclusion?
Other reforms: Does the report accurately identify other G20 and domestic financial reforms that are most relevant for securitisation markets? Are there other reforms that hould be considered in terms of their impact on market participants?
Conceptual framework: Does the report adequately explain the objectives, transmission channels and expected outcomes of the securitisation reforms? What other metrics to assess the impact of the reforms should be considered?
Effectiveness of the securitisation reforms
Resilience metrics for the CLO market: Does the report accurately describe the volution of resilience indicators for the CLO market? To what extent can the evolution of these indicators be attributed to the reforms?
Risk retention in CLOs: Does the report accurately describe risk retention practices in the CLO market before and after the reforms? What additional analysis could be included to assess the effectiveness of risk retention in CLOs across FSB jurisdictions, including on how financing of risk retention deals by third party investors impacts effectiveness?
Resilience metrics for the non-agency RMBS market: Does the report accurately describe the evolution of resilience indicators for the RMBS market? To what extent can he evolution of these indicators be attributed to the reforms?
Risk retention in RMBS: Does the report accurately describe risk retention practices in the RMBS market before and after the reforms? What additional analyses could be included to assess the effectiveness of risk retention in RMBS across FSB jurisdictions?
Effectiveness of BCBS securitisation reforms: Does the report accurately describe the changes in bank behaviour following the implementation of the BCBS securitisation framework reforms? To what extent can the effects of these reforms be disentangled from the broader Basel III framework, other reforms and confounding factors?
Simple, transparent and comparable (STC) securitisations: Does the report accurately describe the impact of the introduction of the STC framework on the securitisation market? To what extent has the reform met its objectives?
Broader effects of the reforms
Effects on financing the economy: Does the report accurately describe the main effects of the reforms on financing the economy? Is there additional analysis that could be undertaken to estimate the benefits and costs of these reforms and to assess their impact on securitisation as a financing tool?
Effects on financial system structure and resilience: Does the report accurately scribe the extent to which there has been a redistribution of risk from the banking to the non-bank financial intermediation sector What role did the reforms play in this process and what are the main benefits and risks from a system-wide perspective? How have the reforms impacted the demand and supply of liquidity in securitisation markets?
Additional considerations
Other issues:Are there any other issues or relevant factors that should be considered as part of the evaluation?
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