Prime Collateralised Securities (PCS) is an independent, not-for-profit initiative set up to re-inforce the asset-backed securities market in Europe as a key to generating robust and sustainable economic growth for the region. At the heart of the PCS initiative from January 2019 will be its work as a third party verification agent under the STS Regulation helping all market stakeholders to navigate the STS regime.  In addition, PCS will continue its work with its True Sale and Risk Transfer Labels designed to enhance and promote standards of quality, transparency and simplicity throughout the asset-backed market.