Contact person
Michael Osswald
Managing DirectorSTS Verification International GmbH
Marco Pause
DirectorSTS Verification International GmbH
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. In the context of a multi-year project Mr. Pause 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.
Mr. Pause holds a degree in Business Administration from the Georg-August-University in Göttingen.
Salah Maklada
DirectorSTS Verification International GmbH
His responsibilities at Deloitte covered trustee and verification services for a wide range of clients in Germany (originators, investors and sponsors) in various synthetic and true sale transactions.
As a Senior Manager at Deloitte he was mainly responsible, as the lead manager, for the performance of agreed-upon procedures and credit file due diligences at banks in the context of securitisation and portfolio transactions for consumer, auto and mortgage loans. Salah was also responsible for the performance of several asset audits at medium-sized businesses with regards to trade receivables securitised in ABCP transactions.
Salah holds a degree (Diploma) in Business Administration from the University of Cologne.
William Taliento
Associate DirectorSTS Verification International GmbH
Prior to this, he spent four years at Morningstar DBRS, where he advanced to Assistant Vice President in the European Structured Finance team. At Morningstar DBRS, William was the lead surveillance analyst for a portfolio of European structured finance transactions. His responsibilities included credit analysis, transaction amendments and performance monitoring. He also contributed to rating assignments, servicers operational reviews, and the development of analytical tools and publications.
Earlier in his career, William worked at Centotrenta Servicing S.p.A. in Milan, where he coordinated the issuance of new securitisations and managed live transactions across various asset classes. His role involved close collaboration with arrangers, originators, and other transaction parties to ensure smooth execution and ongoing performance monitoring. He also supported transaction structuring and contributed to the operational setup of new deals.
William is fluent in Italian and English. He holds a Master’s degree in Economics and Finance from Università degli Studi di Milano and is currently pursuing an Executive MBA at POLIMI Graduate School of Management.
Nils Petersen
Associate DirectorSTS Verification International GmbH
About STS Verification International GmbH
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.
Scope of Verification
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:
- Term ABS transactions (Articles 19 to 22 of the Securitisation Regulation for non-ABCP securitisations,)
- ABCP securitisations (Articles 23 to 26)
- Synthetic on-balance sheet securitisation (Articles 26a to 26e)
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.
Additional Services
Since early 2021 SVI has also been able to perform additional services including:
- CRR assessments
- LCR assessments
- Article 270 assessments
- Gap analyses
Here you find detailed information concerning these services.
Structure and Organisation
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.
