ESMA to hold open hearing on SFTR 21 June 2019Paris Reporter: Jenna Lomax
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The European Securities and Markets Authority (ESMA) will hold an open hearing on its consultation paper published on 27 May 2019 on draft Guidelines for the reporting under the Securities Financing Transactions Regulation (SFTR).
The open hearing will take place on Monday 15 July 2019 at ESMA’s premises in Paris.
The Securities Financing Transactions Regulation (SFTR) is the EU’s response to the Financial Stability Board (FSB)'s August 2013 policy proposals on securities lending and repos, expected to be implemented in Q1 2020.
Steven Maijoor, chair of ESMA, encouraged industry members to attend the open hearing held by ESMA on 15 July to discuss the SFTR guidelines in his keynote speech at this years’ International Securities Lending Association conference in Madrid.
Maijoor explained the importance of the input from the industry because like previous consultations, ESMA considers adjustments in response to feedback from stakeholders.
When describing SFTR, Maijoor explained that the implementation of SFTR in the EU is “one of the final pieces in the post-crisis efforts by global regulatory authorities to be what used to be known as shadow banking activities into the light and transform these activities resilient market-based finance”.
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