On 14 May 2018, the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) issued Criteria for identifying simple, transparent and comparable short-term securitisations (the short-term STC criteria). The criteria maintain and build on the principles in the Criteria for identifying simple, transparent and comparable securitisations issued by BCBS – IOSCO in July 2015. The criteria takes into account the characteristics of asset-backed commercial paper conduits such as: (i) the short maturity of the commercial paper issued; (ii) the different forms of programme structures; and (iii) the existence of multiple forms of liquidity and credit support facilities. The criteria apply to term securitisations and are non-exhaustive and non-binding. Also, the criteria does not serve as a substitute for investors’ due diligence but rather to identify and assist the financial industry’s development of simple and transparent securitisation structures.