TSI Partners

STS Verification International GmbH

Mainzer Landstraße 61
60329 Frankfurt am Main
GERMANY

Tel: +49 69 8740 344 0
E-mail : info@sts-verification-international.com

www.sts-verification-international.com

Contact person

Michael
Michael Osswald
Managing Director
STS Verification International GmbH
Michael Osswald is the Managing Director of STS Verification International GmbH (“SVI”), a third party verifier providing STS verifications of ABCP, non-ABCP and synthetic securitisations under the European securitisation regulation. He joined SVI in February 2019 and oversees all verification and related corporate activities of SVI across Europe. Michael has extensive securitisation experience both as investor and the origination and structuring of term ABS, ABCP and synthetic transactions, which he gained from 1998 at Landesbank Baden-Württemberg in Stuttgart and London and subsequently at ABN AMRO Bank in Frankfurt as part of the European ABS team. In 2009, he moved to the transportation finance division of KfW IPEX-Bank and was, prior to joining SVI, Senior Credit Officer at Erste Abwicklungsanstalt in Düsseldorf, where he was responsible for the asset securitisation, infrastructure, aviation and shipping sub-portfolios. Michael holds a degree in business administration from the Julius Maximilian University of Würzburg.
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Marco
Marco Pause
Director
STS Verification International GmbH
Marco Pause has been a Director of STS Verification International GmbH since December 2019. He joined the STS Verification International GmbH in September 2019 as an Associate Director. Mr. Pause has many years of securitisation experience which he gained at the auditing company Deloitte in the Credit & Securitisation Advisory Team in Düsseldorf since 2005.
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.
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Salah
Salah Maklada
Director
STS Verification International GmbH
Salah Maklada
Director

Salah has been a Director of STS Verification International GmbH since March 2023. He joined the STS Verification International GmbH team in July 2021, bringing in 10 years of securitisation experience gained through his work in the Credit and Securitisation team of Deloitte.

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.

Tel: +49 (0)69 8740 344-45
E-mail: salah.maklada@svi-gmbh.com

CV

Work experience

since
March 2023 Director, STS Verification International GmbH, Frankfurt am Main

2021 - 2023 Associate Director, STS Verification International GmbH, Frankfurt am Main

2011 – 2021 Senior Manager (2020-2021) Credit & Securitisation Advisory, Deloitte Wirtschaftsprüfungsgesellschaft GmbH, Düsseldorf

2015 – 2016 Assistant Manager (Secondment) Banking & Capital Markets, Deloitte LLP, London (UK)

Education

2005 – 2011 Master of Science in Business Management (Diploma degree program): Fields of Specialisation: Banking, Finance and Economics. Master Thesis: “The instruments of credit risk transfer in cooperative financial institutions in Germany”; University of Cologne

1997 – 2001 High school in Haifa, Israel. Degree: Israeli high school certificate

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Mario Maria
Mario Maria Venosa
Associate
STS Verification International GmbH
Mario Maria Venosa has been part of the SVI team as an Associate Director since September 2023. He has developed his experience with securitisation transactions during his years in Intesa Sanpaolo where he had the role of Senior Specialist within the Credit Portfolio Division from 2019 to 2023. He had the chance to develop a wide knowledge of securitisations, with a particular focus on Synthetic transactions. Mario Maria Venosa has a Bachelor Degree in Business Administration at Università Commerciale Luigi Bocconi, a Master Degree in Banking and Finance at Università Cattolica del Sacro Cuore in Milan and a Master of Arts in European Economic Governance.at LUISS University in Rome.
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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.

Our experts as speakers at TSI events

Marco Pause
Marco Pause

TSI Training

Frankfurt

3. to 4. July 2024

Intensivseminar True Sale Verbriefung (Auto ABS & RMBS)

Salah Maklada
Salah Maklada

TSI Training

Frankfurt

11. September 2024

Verbriefung von Handels- und Leasingforderungen (ABCP und private Transaktionen)
Frühbucherrabatt bis zum 31. Juli

Michael Osswald
Michael Osswald

TSI Training

Frankfurt

17. September 2024

Synthetic Balance Sheet Securitisations
early bird discount until 06 August