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.
Securitisations within the scope of the UK Securitisation Regulation may – but aren’t obliged to – use the services of a UK Third Party Verifier (TPV) authorised by us to assess compliance with UK simple, transparent and standardised (STS) criteria.
When using the services of a TPV, the sponsor, originator and securitisation vehicle, and the institutional investors required to perform due diligence on the investment, remain liable for their obligations under the regulation.
Firms authorised to be UK TPVs are included on the Financial Services Register.
Applying to be a UK TPV
If you want to apply to be a UK TPV, you should complete the TPV application form and email it to [email protected]. If you have any questions in advance of submitting a TPV application, you can contact us at the same email address.
To be authorised as a UK TPV, you must meet the conditions set out in article 28 of the UK Securitisation Regulation. You should be able to prove that you have the necessary competence to carry out the assessment of UK STS securitisations.
TPVs can't be:
- insurance firms
- credit institutions
- investment firms
- credit rating agencies
The UK Securitisation Regulation requires TPVs to make sure that the performance of their other activities, if any, doesn’t compromise the independence or integrity of their assessment.
In particular, TPVs can't provide any advisory, audit or equivalent service to the originator, sponsor or securitisation vehicle involved in the securitisation they are assessing.