STS Verification International GmbH
Mainzer Landstraße 61
60329 Frankfurt am Main
Tel: +49 (0)69 8740 344-0
Fax: +49 (0)69 8740 344-99
Michael Osswald has been the Managing Director of STS Verification International GmbH since February 2019. Mr Osswald has extensive securitisation experience in the areas of ABS investments as well as the acquisition and structuring of Term ABS and ABCP transactions, which he gained from 1998 at Landesbank Baden-Württemberg and subsequently at ABN AMRO Bank as part of the European ABS team. In 2009, Mr Osswald moved to the asset-based lending/ship financing division at KfW IPEX-Bank and was most recently responsible for the sub-portfolios asset securitisation, infrastructure, aviation and shipping in Credit Risk Management at Erste Abwicklungsanstalt. Mr Osswald holds a degree in business administration from the Julius Maximilian University of Würzburg.
Tel: +49 (0)69 8740 344 10
E-mail: michael.osswald@ svi-gmbh.com
Mobil: +49 (0)151 426 076 40
Marco Pause has been a Director of STS Verification International GmbH since September 2019. He is responsible for the preparation and implementation of STS verifications of all kinds. . Marco joined the Credit & Securitisation Advisory Team at the auditing company Deloitte in Düsseldorf in 2005, where he gained securitisation experience over many years on.
In his position as Senior Manager he was primarily responsible for the execution of numerous due diligences at German automotive and consumer banks as well as banks with mortgage portfolios in the context of securitisation and portfolio transactions. Marco was involved in a multi-year project where he directed the organisation and implementation of the project management of a state guarantee for a German Landesbank in connection with credit and solvency checks of individual exposures in the Shipping, Corporate Clients and Aviation segments.
Marco holds a degree in Business Administration from Georg August University in Göttingen.
Tel: +49 (0)69 8740 344 43
E-mail: marco.pause@ svi-gmbh.com
STS Verification International GmbH (SVI) is a third party verifier authorised under Article 28 of the Securitisation Regulation since 7 March 2019 to verify securitisation transactions for compliance with the ‘simple, transparent and standardised (STS)’ criteria. Since then, SVI has successfully verified more than 100 transactions (as on November 2021) in more than 15 countries and is currently working on an additional 20 transactions across all asset classes that are potentially eligible for STS across the EU.
The objective of SVI’s business activity is to conduct a neutral and objective review of the STS criteria for securitisation transactions as a third party in accordance with the Securitisation Regulation. SVI is strictly limited to this activity and all bodies of the company are required to comply with the Securitisation Regulation and all related legal acts. Due to the selected structure, there is a clear and consistent framework for SVI to act with integrity and independence - this is ensured in particular by an independent management and by the independent members of the company's Supervisory Board.
As a third-party verifier authorised and supervised by BaFin, SVI uses a standardised procedure to verify the following types of transactions whether securitisations meet the STS criteria according to the Securitisation Regulation:
for all countries of the European Union involving all asset classes that are potentially eligible for STS.
The verification process is based on a thorough analysis of the transaction under review. Additionally, for the verification of an ABCP Programme, a detailed analysis of the relevant aspects of the sponsor and the programme-level requirements is carried out. All relevant elements of the Securitisation Regulation, the EBA Guidelines and the relevant RTS/ITS form part of the verification. Due to the partial referencing of STS Criteria to those criteria which are valid for all securitisations (e.g. Articles 6 and 7 of the Securitisation Regulation), these are also reviewed to a certain extent. In addition to compliance with transparency requirements, the requirements for the originator, the requirements for the portfolio to be securitised and the requirements for the transaction parties and the transaction structure are also reviewed.
The result of the verification is summarised in an STS verification report, which is made publicly available to the client, investors and other market participants on the SVI website unless privacy requirements preclude this.
The verification process involves the review of transaction-specific and company-related documents and records and includes on-site or virtual due diligence meetings.
Since early 2021 SVI has also been able to perform additional services including:
Here you find detailed information concerning these services.
STS Verification International GmbH is a 100% subsidiary of True Sale International GmbH (TSI). SVI's mission as part of the TSI Group is to contribute to a well-developed, high-quality and sustainable securitisation market in Europe and to facilitate securitisation transactions for originators and investors. With its work, it intends to make a significant contribution to ensure that best market practices are applied to STS securitisations for the eligible asset classes.
Legal and economic expertise and the many years of experience of the persons working at SVI and its outsourcing partners guarantee an efficient and transparent verification process.