Certification process

TSI certification follows a standardised process comprising nine main steps. Before the transaction is closed, a run-up period of approximately two months is allowed for the certification process. For frequent issuers or less complex transaction structures, the run-up periods may be shorter.



1. The mandator contacts TSI

  • All relevant certification information and certification documents are sent to the potential mandator.
  • A personal discussion is held to explain the certification process and to answer all questions.
  • TSI sends out the certification application form.

2. Application for TSI certification of a securitisation transaction

  • When applying for certification, the mandator undertakes to comply with the quality criteria of the CERTIFIED BY TSI – DEUTSCHER VERBRIEFUNGSSTANDARD label.
  • The certification application form signed by the mandator constitutes the basis for the start of the certification process.

3. Kick-off meeting between the mandator and TSI

  • Any outstanding matters are resolved.
  • A uniform understanding is reached with regard to the underlying transaction structure and its special features.
  • A time frame for the certification process is established.

4. Review of the relevant transaction documents

  • Special features of the transaction structure (e.g. waterfall, trigger events, etc.) are taken from the prospectus and the investor reporting criteria derived from them.

5. Agreement on the investor reports

  • A specimen report is prepared on the basis of TSI's reporting requirements and the specific features of the transactions.
  • The report is agreed by the mandator and TSI in several discussions.
  • A check is made to ensure that the definitions in the offering circular match those in the investor report.
  • The agreed draft of the investor report forms the basis for regular publication of the investor report on the TSI website.

6. Preparation of the mandator's declaration of undertaking

  • In the mandator's declaration of undertaking, which forms part of the TSI certification process, the originator gives TSI assurance that the quality criteria of the CERTIFIED BY TSI – DEUTSCHER VERBRIEFUNGSSTANDARD label will be fulfilled throughout the entire transaction period.

7. Certification discussion between the mandator and TSI

  • On the basis of the declaration of undertaking and the other certification documents, a concluding certification discussion takes place between the mandator and TSI.
  • During that discussion, any outstanding matters or questions relating to compliance with the quality criteria are discussed conclusively and documented by TSI.

8. TSI awards the certificate

  • TSI awards the certificate in the context of a well-considered overall assessment.
  • The letter consenting to the use of the certificate and the General Conditions of Certification are sent to the mandator.

9. The transaction is published on the TSI website

  • Each certified transaction is given its own separate page.
  • The relevant transaction documents (offering circular, presale und new issue reports by the rating agencies, mandator's declaration of undertaking) are added.
  • Investor reports (xls and pdf format) are added throughout the duration of the transaction.