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22 February 2018

PCS(欧州の証券化業界団体)、新たなSTS(シンプルで透明性があり標準化された)証券化に係る実務家向けの指針策定へ


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Following the passage of the STS Regulation, many issuers have indicated their intention is to issue STS securitisations from 1st January 2019 and, in the case of some, to issue in 2018 securitisations that are capable of being grandfathered under the STS Regulation.


However, to achieve STS status, a securitisation is required to meet an extensive set of regulatory criteria.  Many are complex and not always straightforward to analyse. It must be recognised that transitioning from current market practice to the new STS regime will pose legal, structural, informational and IT challenges to issuers and investors

In line with its mission to strengthen the securitisation market as a sustainable investment and funding tool for both investors and originators, PCS has committed itself to assist market participants in transitioning to the new regime.

To do this, PCS will offer STS Reports in which we will analyse a securitisation transaction, against the criteria set out in the STS Regulation to determine whether the transaction meets those criteria and, if it does not, what criteria are not met and why.

Full press release



© PCS


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