TSI seals STS status as deal pipeline builds
The ‘simple, transparent and standardised’ framework for securitisations took another step forward this week when its first third-party verifier, True Sale International’s STS Verification International (SVI), was authorised by German regulator BaFin. Another verifier, Prime Collateralised Securities (PCS), is already working on deals as it awaits authorisation.
TSI said that the company’s purpose is “to ensure proper, legally compliant and consistent implementation of the new securitisation framework.”
Heiko Wiegmann, at the treasury department of Volkswagen Financial Services, said: “We now have a third party verifier.”The STS framework was approved by the European Parliament on
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