News
242
Newsletter
8
Upcoming PCS events
Stakeholder Calendar
Market Data
4
Teachings on Demand
5
Bundles
5
Consultation Responses
21
Longer publications
4
Essential and reference texts
1

Latest Publications

Read
The Joint Committee of the ESAs’ report on securitisation is published - Newsletter June
Today, the Joint Committee of the European Supervisory Authorities (EBA, ESMA and EIOPA) issued their long-awaited report on the regulation […]
Read
HFSF & PCS STS Workshop
In order to mark the occasion of HFSF joining the Prime Collateralised Securities Association, you are cordially invited to attend […]
Read
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 […]
Read
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 […]
Read
ICMA Green Bond Principles
Read
EBA Report on a Framework for synthetic STS Securitisations (2020)
Read
30/10/2019
PCS improves the functionality of its verification reports
Having reached out to the investor community and asked what PCS could do to improve the quality of their STS […]
Read
19/10/2019
Erratum
Following a request for a recount by perspicacious market participants, we confirm that the earliest date for the entry into […]
Read
18/10/2019
The most anticipated release of the year is out, and it's not "The Joker"
Apologies for the slight delay in bringing out this news, but the PCS team has  been most busy this week.  […]
Read
25/09/2019
Securitisation regulation, the next chapter: EBA launches consultation on synthetic securitisation
Today, the EBA released a consultation on synthetic securitisation and STS. This two months consultation is designed to inform the […]
Read
04/09/2019
EBA goes digital on STS
Yesterday the EBA announced that it had added the STS Regulation to its online Interactive Single Rulebook and Q&A. In […]
Read
31/07/2019
More about the B-word: the UK FCA puts out a consultation on STS
The UK Financial Conduct Authority has just issued a consultation relating to the format of future STS notifications in a […]
Read
27/06/2019
PCS becomes authorised as a third-party verification agent in France
PCS is happy to announce that its Paris based entity, Prime Collateralised Securities (PCS) EU sas, has been authorised by […]
Read
03/06/2019
PCS hires Martina Spaeth as a senior analyst
PCS is very proud to announce that it has just hired Martina Spaeth as a senior analyst to work on […]
Read
28/05/2019
Long awaited homogeneity RTS is out
Today, the European Commission formally adopted the regulatory technical standard (RTS) on homogeneity which may be found here. In order […]
Read
26/03/2019
PCS announces its first STS verification: STORM 2019-I
Following its authorisation as a third party verification agent, PCS is pleased to announce its first engagement. Today, Obvion – […]
Read
21/03/2019
PCS as an authorised third party verification agent – Frequently Asked Questions
Now that PCS has received its authorisation as a third party verification agent we thought it useful to provide some […]
Read
19/03/2019
PCS is authorised as a third party verification agent
PCS is proud to announce that today PCS was authorised as a third party verification agent by the UK Financial […]
Read
05/03/2019
New Regime, New PCS, New Website
As PCS begins to work on its first STS verifications, it is launching its brand new website, containing all the […]
Read
05/03/2019
Regulatory wobbles in the introduction of the new securitisation regime
On Friday, the Joint Committee of the ESAs, representing the European Banking Authority (EBA), the European Insurance and Occupational Pensions […]
Read
25/09/2018
Rob Koning, Dutch securitisation veteran, joins PCS
It is with great pride that PCS announces that Rob Koning, of the Dutch Securitisation Association, has joined PCS.  Rob, […]
Read
06/08/2018
EBA publishes STS homogeneity and retention RTS'
The EBA has just published the draft STS homogeneity regulatory technical standard.  PCS has only had the chance to give this […]
Read
30/07/2018
PCS plans its future
In line with our publicly stated intent, PCS is working with regulatory authorities and market participants with a view to […]
Read
11/07/2018
Helping transition to the STS Regime
Having concluded a series of seminars across Europe and at the request of many of the attendees, PCS has posted […]
Read
09/07/2018
Three new members join the PCS initiative
PCS is proud to announce three new members to the PCS Association.  We are glad to welcome to the PCS […]
Read
04/06/2018
GLOBAL ABS Conference to begin in Barcelona
Tomorrow, the securitisation community will begin to gather once more in Barcelona for the annual Global ABS Conference.  Always a […]

Newsletter

Market Data

Read
STS Market Data
Read
PCS STS Stats
Read
ESMA STS notification list
Read
FCA STS notification list

Teachings on Demand

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.

Consultation Responses

Longer publications

Essential and reference texts

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.

Upcoming PCS events

Stakeholder Calendar

14
Tue
Jun

 Global ABS 2022 - Barcelona

 / 

Barcelona, Spain
06
20220614 
 - 16-06-2022 
Barcelona, Spain
 | 
On site

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!

 

https://www.imn.org/structured-finance/conference/Global-ABS-2022/

 

20
Thu
Oct

SCI's 8th Annual Capital Relief Trades Seminar

 / 

London, UK
10
20221020 
 - 20-10-2022 
London, UK
 | 
On site

SCI’s 8th Annual Capital Relief Trades Seminar will take place on 20th October 2022 in London. 

For more information chick here

 

 

30
Wed
Nov

ASF conference in Sydney

 / 

Sydney, Australia
11
20221130 
 - 01-12-2022 
Sydney, Australia
 | 
On site

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.

The ASF looks forward to seeing you in Sydney!

https://www.securitisation.com.au/news-feed-2022/save-the-date!-asf-conference-2022

22
Thu
Sep

TSI conference in Berlin

 / 

Berlin, Germany
09
20220922 
 - 23-09-2022 
Berlin, Germany
 | 
On site

Financing the economic transition – Building bridges between sustainability, growth and monetary stability

20
Fri
May
8:30 am

PCS Symposium - Lisbon: Securitisation - a must for growth and capital management?

 / 

Lisbon, Portugal
05
20220520 8:30 am
 - 20-05-2022 5:00 pm
Lisbon, Portugal
 | 
On site

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.

For more information click here

To access the presentations shared at the conference, please click here.

Agenda

8:30 am

Registration and refreshments

9 am

Opening Remarks

Paula Gomes Freire, Managing Partner | VdA
Ian Bell, CEO | PCS

9:10 am

Securitisation: Introduction to the European Securitisation Market I

Ian Bell, CEO | PCS
Pedro Cassiano Santos, Head of Practice Partner Banking & Finance | VdA

10:15 am

Securitisation: Introduction to the European Securitisation Market II

Harry Noutsos, Managing Director, Market Outreach | PCS
Sebastião Nogueira, Senior Associate, Banking & Finance | VdA
David O’Connor, Partner, Mayer Brown

11:15 am Coffee-Break
11:30 am

Panel discussion: The SRT

Moderator:
Benedita Aires, Partner Banking & Finance | VdA

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

12:10 am

Panel discussion: NPL Securitisation

Moderator:
Tiago Correia Moreira, Partner Banking & Finance | VdA

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

06
Wed
Apr
8:00 am

PCS Symposium - Warsaw: Securitisation - a must for growth and capital management?

 / 

Warsaw Stock Exchange , Poland
04
20220406 8:00 am
 - 06-04-2022 5:00 pm
Warsaw Stock Exchange , Poland
 | 
On site

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
  • Przemysław Mocek, Financial Director, PEKAO Leasing

We will end the event with a business mixer, a great opportunity to network with participants and continue discussions.

8:30am                Registration and refreshments

9:15am                 Opening remarks

9:30am                 Securitisation: Introduction to the European Securitisation Market I

10:30am               Networking break

10:40am              Securitisation: Introduction to the European Securitisation Market II

11:40am               Securitisation: Polish Legislation and Securitisation

12:30pm               Networking lunch

1:30pm                 The SRT and On Balance Sheet Securitisation

2:30pm                 Networking break

2:45pm                 Panel discussion: Current Trends & Future: Part 1

3:30pm                 Refreshment break

3:40pm                 Panel discussion: Current Trends & Future: Part 2

4:20pm                 Closing remarks

4:30pm                 Drinks reception

You can find here the

Final Presentation

and highlights from the event

02
Thu
Dec
11:00 am

Securitisation Quo Vadis

 / 

Webinar
12
20211202 11:00 am
 - 02-12-2021 12:15 pm
Webinar
 | 
On demand

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.

AGENDA

  • Introduction – why “Quo Vadis?”
  • Monetary Policy
  • Basel III and the “output floors”
  • How green will my securitisation be?
  • The Securitisation Regulation Review(s)
  • Calibration Issues
  • Bringing it all together

 

Register and watch

13
Wed
Oct
11:00 am

Sustainable Securitisation Today & Tomorrow

 / 

Webinar
10
20211013 11:00 am
 - 13-10-2021 12:00 pm
Webinar
 | 
On demand

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

Today – existing ESG rules affecting securitisations

  • SFDR
  • NFRD
  • Sec Reg Disclosure Rules

Tomorrow – what is coming?

  • Article 449a CRR
  • EBA STS sustainability Report
  • EBA Green Asset Ratio
  • Green Bond Standard

Where are the battle lines forming?

  • Availability of assets
  • Asset vs Proceeds
  • Disclosure
  • Level playing fields
  • Where are my carrots, where are my sticks?

 

15
Thu
Jul
3:00 pm

HFSF & PCS STS Workshop

 / 

Webinar
07
20210715 3:00 pm
 - 15-07-2021 5:00 pm
Webinar
 | 
On demand

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
15:00 15:10 Opening Remarks
  • Ilias Ε. Xirouhakis, Chief Executive Officer, HFSF
  • Michael Haralabidis, Chief Risk Officer, HFSF
15:10 15:25 Introduction to the PCS Association
  • Ian Bell, Chief Executive Officer, PCS
15:25 15:45 The basic mechanics of Asset Securitisation
Synthetics vs true sale: Focus on Synthetics
  • Ian Bell, Chief Executive Officer, PCS
  • Harry Noutsos,  Head of Synthetic Outreach, PCS
15:45 16:05 Regulatory topics
Significant Risk Transfer

Simple Transparent & Standardised (STS) Regime

  •  Ian Bell, Chief Executive Officer, PCS
  • Harry Noutsos,   Head of Synthetic Outreach, PCS
16:05 16:15 Break
16:15 17:00 Special Topics

Overview of basic structures in Synthetic Securitsations

Key practical considerations

STS in practice for Synthetic transactions

  • Ian Bell, Chief Executive Officer, PCS
  • Harry Noutsos,   Head of Synthetic Outreach, PCS
17:00 17:20 Q&A

 

Register and watch

08
Thu
Jul
12:50 pm

Synthetic STS Part 2

 / 

Webinar
07
20210708 12:50 pm
 - 08-07-2021 2:00 pm
Webinar
 | 
On demand

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

 

Register and watch

October 2022

14
Fri
Oct

Deadline for the EBA consultation on synthetic excess spread

 / 

17
Mon
Oct

ABS East 2022- Miami

 / 

Miami, USA
18
Tue
Oct
9:00 am

PCS Symposium - Milan: Securitisation - a must for growth and capital management?

 / 

Milan, Italy
20
Thu
Oct

SCI's 8th Annual Capital Relief Trades Seminar

 / 

London, UK
28
Fri
Oct

Deadline for the EBA consultation on homogeneity

 / 

November 2022

08
Tue
Nov
9:00 am

PCS Symposium - Brussels: Securitisation - An indispensable tool for growth and capital management

 / 

Brussels, Belgium
22
Tue
Nov
9:00 am

PCS Symposium - Dublin: Securitisation - An indispensable tool for growth and capital management

 / 

Dublin, Ireland
30
Wed
Nov

ASF conference in Sydney

 / 

Sydney, Australia

January 2023

01
Sun
Jan

Beginning of the Swedish presidency of the European Union

 / 

19
Thu
Jan
9:00 am

PCS Symposium - Amsterdam: Securitisation - An indispensable tool for growth and capital management

 / 

Amsterdam, The Netherlands

February 2023

07
Tue
Feb
9:00 am

PCS Symposium - London: Securitisation - An indispensable tool for growth and capital management

 / 

London, UK
16
Thu
Feb
9:00 am

PCS Symposium - Madrid: Securitisation - An indispensable tool for growth and capital management

 / 

Madrid, Spain
26
Sun
Feb

SFVegas Conference 2023 in Las Vegas, NV

 / 

Las Vegas, USA

March 2023

16
Thu
Mar
9:00 am

PCS Symposium - Paris: Securitisation - An indispensable tool for growth and capital management

 / 

Paris, France
21
Tue
Mar
9:00 am

PCS Symposium - Frankfurt: Securitisation - An indispensable tool for growth and capital management

 / 

Frankfurt, Germany
30
Thu
Mar

DSA Conference in Amsterdam

 / 

Amsterdam, The Netherlands

Past events

September 2022

22
Thu
Sep

TSI conference in Berlin

 / 

Berlin, Germany
22
Thu
Sep
9:00 am

PCS Symposium - Helsinki: Securitisation - An indispensable tool for growth and capital management

 / 

Helsinki, Finland
20
Tue
Sep
9:00 am

PCS Symposium - Athens: Securitisation - An indispensable tool for growth and capital management

 / 

Athens, Greece
01
Thu
Sep

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

 / 

July 2022

17
Sun
Jul

SFVegas Conference 2022 in Las Vegas, NV

 / 

Las Vegas, USA
02
Sat
Jul

Deadline for responses to the EBA consultation on green disclosures for securitisation

 / 

01
Fri
Jul

Beginning of the Czech presidency of the European Union

 / 

June 2022

14
Tue
Jun

 Global ABS 2022 - Barcelona

 / 

Barcelona, Spain

May 2022

20
Fri
May
8:30 am

PCS Symposium - Lisbon: Securitisation - a must for growth and capital management?

 / 

Lisbon, Portugal

April 2022

06
Wed
Apr
8:00 am

PCS Symposium - Warsaw: Securitisation - a must for growth and capital management?

 / 

Warsaw Stock Exchange , Poland

December 2021

02
Thu
Dec
11:00 am

Securitisation Quo Vadis

 / 

Webinar

October 2021

13
Wed
Oct
11:00 am

Sustainable Securitisation Today & Tomorrow

 / 

Webinar

July 2021

15
Thu
Jul
3:00 pm

HFSF & PCS STS Workshop

 / 

Webinar
08
Thu
Jul
12:50 pm

Synthetic STS Part 2

 / 

Webinar
08
Thu
Jul
11:00 am

Synthetic STS Part 1

 / 

Webinar
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