Dutch Securitisation Standard
With the aim of reducing complexity and improving transparency of Dutch securitisation transactions the Dutch originators worked closely together in developing a standard for Dutch Securitisation transactions (the Standard) both in respect of Documentation and Investor Reporting.
As is outlined in this document, the aim of the Standard is not to be prescriptive but rather to provide issuers with Templates to follow in respect of Documentation and Investor Reporting.
All issuing members of the DSA will be required to include a statement in the prospectus confirming that the table of contents of the prospectus is in line with the applicable Template, the glossary of defined terms in the prospectus and the respective Investor Reports will be based on the applicable Templates, and that any deviations from the relevant Templates are identified and explained. This also implies that it is not compulsory to issue a transaction compliant with the Standard: issuers could decide to issue a non-compliant transaction.
The Standard for Dutch RMBS, as introduced per November 2012 was developed in close cooperation with third parties such as investors, rating agencies and other stakeholders in Dutch securitisation transactions. Going forward the DSA will continue to further develop and extend the Standard and will review and evaluate the Templates which are published on a regular basis.
Please note that in addition to the Standard for stand-alone RMBS transactions a separate (but very similar) version of the Standard has been developed to take into account the specificities of Master Issuer structures (both in respect of Documentation and Investor Reporting)
In September 2016 a Consumer Loan Securitisation standard, very similar to the RMBS standard was launched.
In the future, standards for other assets classes may be developed as well, next to the existing standards.
Link to Prime Collateralised Securities
At a European level, the PCS Association has published eligibility criteria for asset-backed securities. Compliance with the rules set out in the 'PCS Rulebook' and satisfaction of the 'PCS Eligibility Criteria' (each as defined by the PCS Association) will enable the Issuer of such Notes to apply for a label awarded by the PCS Association. For more information on PCS see www.pcsmarket.org.
One of the criteria of PCS is that the Issuer has disclosed in the prospectus whether it complies with or intends to comply with any domestic market guidelines applicable to asset securitisation transactions in its local jurisdiction. PCS Association has confirmed that the DSA Standard qualifies as a 'domestic market guideline' under PCS for the jurisdiction of the Netherlands.
As such, to comply with the PCS criteria, the Prospectus of the relevant transaction is to contain a statement setting forth whether in the opinion of the issuer the transaction is in compliance with the Standard. Please refer to the PCS website for more information.