SFTR

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On April 6, the UK Financial Conduct Authority (FCA) announced that legal entity identifiers (LEIs) of non-EEA third country issuers will not need to be reported under the UK version of the European Union’s Regulation on reporting and transparency of securities financing transactions (UK SFTR), until at least April 13, 2022.
Continue Reading FCA Update on Reporting LEIs of Non-EEA Third Country Issuers Under UK SFTR

Katten hosts a weekly 15-minute fireside chat podcast series on notable UK and European developments from the prior week’s Corporate and Financial Weekly Digest. In this week’s edition, Nathaniel Lalone lauds the potential “game-changer” of allowing more clearinghouses to open deposit accounts at the Fed, while Carolyn Jackson notes the successful launch of Securities Financing Transactions Regulation (SFTR) reporting and European Securities and Markets Authority’s (ESMA) updated opinion on the MiFID II “ancillary exemption.” Special guest Chris Collins walks through updated European Commission Brexit notices which, in his view, are useful preparatory checklists for affected firms.
Continue Reading London Weekly Fireside Chat

On July 9, the European Securities and Markets Authority (ESMA) published a consultation (the Consultation) regarding draft guidelines (the Guidelines) on the calculation of positions by trade repositories (TRs) under the Securities Financing Transactions Regulation (SFTR).
Continue Reading ESMA Consults on Guidelines for Calculating Positions under SFTR

On June 23, the House of Commons published a statement made by the UK Government on its approach to implementing financial services regulatory reforms before the end of the Brexit transition period (the Statement).
Continue Reading Brexit: UK Government Statement on Implementing Regulatory Reforms

On March 11, the UK Financial Conduct Authority (FCA) published the following new webpages on the Securities Financing Transactions (SFTR):

  1. an overview of SFTR (available here);
  2. an overview of the EU SFTR reporting obligations (available here); and
  3. a non-exhaustive library for EU and UK SFTR links and information (available here).

Continue Reading FCA Publishes New Webpages on SFTR

On March 19, 2020, the European Securities and Markets Authority (ESMA) published a public statement regarding the reporting requirements and registration of EU trade repositories (TR) under the Securities Finance Transactions Regulation (SFTR) in light of the recent adverse developments of the COVID-19 pandemic (the Public Statement).
Continue Reading ESMA Publishes Public Statement on COVID-19 and Reporting Obligations

On April 13, five industry associations* jointly published an information statement (Information Statement) in relation to the EU Securities Financing Transactions Regulation (SFTR).

As noted in our Corporate & Financial Weekly Digest edition of August 14, 2015, the SFTR is designed to enhance transparency of securities financing transactions and reuse (or “shadow banking”). The SFTR went into effect on January 12, and implements various disclosure, consent and reporting requirements to this end. In particular, Article 15 of the SFTR sets out disclosure and consent conditions for reuse, which firms will need to comply with after July 13, 2016.
Continue Reading Five Associations Publish Joint Securities Financing Transaction Regulation Information Statement Ahead of July 2016 Compliance Date