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. The aim of the Standard is not to be prescriptive but rather provide a framework for issuers to follow in respect of transaction documentation and investor reporting.
All issuing members of the DSA disclose in the prospectus whether the respective transaction meets the requirements as documented in the Standard. This implies that is not compulsory to issue a transaction compliant with the Standard: issuers could decide for specific reasons to issue a non-compliant transaction.
The initial standard as introduced per [1 October 2012] was developed in close cooperation with third parties such as investors, rating agencies and other stakeholders in Dutch securitisation transactions. Going forward the standard will be maintained and further developed by the DSA together with the relevant stakeholders in Dutch securitisation.
Please note that in addition to the Standard for stand-alone transactions a separate (but very similar) version of the Standard was developed to take into account the specificities of a Master Issuer Structure (both in respect of Documentation and Investor Reporting)
All [releases] of the standard can be found here:
[TABLE]
Version Date
1.1.1 Investor Report (Stand-Alone RMBS Transaction) 1-10-2012
1.1.2 Investor Report (Master Issuer RMBS Transaction) 1-10-2012
1.1.3 Table of Contents (Stand-Alone RMBS Transaction) 1-10-2012
1.1.4 Table of Contents (Master Issuer RMBS Transaction) 1-10-2012
1.1.5 Glossary Defined Terms (Stand-Alone RMBS Transaction) 1-10-2012
1.1.6 Glossary Defined Terms (Master Issuer RMBS Transaction) 1-10-2012
Link to Prime Collateral Securities
At the same time as the Dutch issuers were in the process of developing the Standard in respect of documentation and investor reporting, the Prime Collateral Securities (PCS) initiative was ongoing on a Pan-European level.
With the ultimate objectives of both initiatives being very similar (a well functioning ABS market in Europe), a formal link was established between the two initiatives to ensure alignment.
[INSERT DETAILED WORDING ON HOW AND WHERE THE DSA STANDARD IS REFERENCED IN THE PCS CRITERIA WHEN AVAILABLE].