Level II SFTR legislation enters Official Journal of the EU
22 March 2019 Brussels
Image: Shutterstock
Legislation covering the Securities Financing Transactions Regulation (SFTR) has entered the Official Journal of the EU, making it official law.
The journal is the official gazette of record for the EU. Only legal acts published in the journal are binding.
The seven delegated regulations and three implementing regulations comprising SFTR level II legislation were published in the journal this morning (22 March).
They include standards specifying the details of the application for registration as a trade repository; regulation on access to the data held in trade repositories; standards specifying the details of securities financing transactions (SFTs) to be reported to trade repositories; regulation on fees charged by European Securities and Markets Authority (ESMA) to trade repositories; standards on the collection, verification, aggregation, comparison and publication of data on SFTs by trade repositories; standards on the details of the application for registration and extension of registration as a trade repository; and standards on access to details of SFTs held in trade repositories.
Seb Malik of Market FinReg commented: “The long-awaited package of SFTR legislation finally entered the Official Journal today meaning it is official law.”
“It will achieve legal force in 20 days meaning that we now have 12 April 2020 as a firm start for the first SFTR transaction reports.
“While it may feel like the end of a voyage, in fact, this is the beginning. SFTR is the most complicated reporting regime to hit the industry. [Market FinReg], in conjunction with Regis-TR, are training industry participants to be ready and are offering training in London and Europe to ensure the industry is ready by next April."
According to the International Securities Lending Association, the reporting obligations deadlines will be as follows: 11 April 2020, reporting obligation for credit institutions and investment firms as well as all third country regulated firms; 11 July 2020, reporting obligation for CSDs and CCPs; 11 October 2020, reporting obligation for all other financial counterparties; 11 January 2021, reporting obligation for all non-financial counterparties.
The journal is the official gazette of record for the EU. Only legal acts published in the journal are binding.
The seven delegated regulations and three implementing regulations comprising SFTR level II legislation were published in the journal this morning (22 March).
They include standards specifying the details of the application for registration as a trade repository; regulation on access to the data held in trade repositories; standards specifying the details of securities financing transactions (SFTs) to be reported to trade repositories; regulation on fees charged by European Securities and Markets Authority (ESMA) to trade repositories; standards on the collection, verification, aggregation, comparison and publication of data on SFTs by trade repositories; standards on the details of the application for registration and extension of registration as a trade repository; and standards on access to details of SFTs held in trade repositories.
Seb Malik of Market FinReg commented: “The long-awaited package of SFTR legislation finally entered the Official Journal today meaning it is official law.”
“It will achieve legal force in 20 days meaning that we now have 12 April 2020 as a firm start for the first SFTR transaction reports.
“While it may feel like the end of a voyage, in fact, this is the beginning. SFTR is the most complicated reporting regime to hit the industry. [Market FinReg], in conjunction with Regis-TR, are training industry participants to be ready and are offering training in London and Europe to ensure the industry is ready by next April."
According to the International Securities Lending Association, the reporting obligations deadlines will be as follows: 11 April 2020, reporting obligation for credit institutions and investment firms as well as all third country regulated firms; 11 July 2020, reporting obligation for CSDs and CCPs; 11 October 2020, reporting obligation for all other financial counterparties; 11 January 2021, reporting obligation for all non-financial counterparties.
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