A TPV can be used by a sponsor, originator and securitisation vehicle to check whether a securitisation is compliant with simple, transparent and standardised (STS) criteria, as set out by the Securitisation Regulation.
When using the services of a TPV, the sponsor, originator and securitisation vehicle on one hand, and the institutional investors required to perform due diligence on the investment on the other hand, remain liable for their obligations under the regulation.
Firms authorised to be TPVs are included on the FS Register.
Applying to be a TPV
Firms who wish to apply to be a TPV should complete the TPV application form and email it to [email protected]. Any queries in advance of submitting a TPV application should also be directed to this email address.
To be authorised as a TPV, a firm must meet the conditions set out in article 28 of the Securitisation Regulation. Firms should be able to prove that they have the necessary competence to carry out the assessment of STS securitisations.
TPVs cannot be:
- insurance firms
- credit institutions
- investment firms
- credit rating agencies
The Securitisation Regulation requires TPVs to ensure that the performance of their other activities, if any, does not compromise the independence or integrity of their assessment and in particular, TPVs cannot provide any advisory, audit or equivalent service to the originator, sponsor or securitisation vehicle involved in the securitisation which they assess.