ISLA: Still “much to be done” to land SFTR
07 June 2019 London
Image: Shutterstock
There is still much to be done to successfully “land” the Securities Financing Transactions Regulation, International Securities Lending Association (ISLA) CEO Andrew Dyson has said.
In his ‘Reflections of the CEO’ blog, Dyson referred to European Securities and Markets Authority’s (ESMA) consultation on SFTR reporting draft Guidelines, which was launched on 27 May.
He explained that these Guidelines will supplement the reporting regulatory technical standards/implementing technical standards, and serve to clarify certain technical/procedural aspects of the reporting regime.
Dyson noted that in looking at ESMA’s proposed draft Guidelines, it is very encouraging from ISLA’s perspective that much of the hard work the association has been doing with ESMA and key industry stakeholders is reflected in this latest consultation.
While ISLA remains fully committed to the current implementation timelines, Dyson said that he is mindful of the considerable work and testing that will be needed to be done across the industry once the technical reporting standards are finalised.
ESMA’s own comments around the release of the consultation suggest that this will now most likely be in Q4 this year.
Dyson outlined in the blog: “I am seeing some clear patterns of what may potentially shape much of our industry in the second half of this year and into 2020.”
He added: “As an industry association, it is vitally important that we try and identify these trends; how they may affect our work in the short term, as well as some of our longer term thinking.”
In his ‘Reflections of the CEO’ blog, Dyson referred to European Securities and Markets Authority’s (ESMA) consultation on SFTR reporting draft Guidelines, which was launched on 27 May.
He explained that these Guidelines will supplement the reporting regulatory technical standards/implementing technical standards, and serve to clarify certain technical/procedural aspects of the reporting regime.
Dyson noted that in looking at ESMA’s proposed draft Guidelines, it is very encouraging from ISLA’s perspective that much of the hard work the association has been doing with ESMA and key industry stakeholders is reflected in this latest consultation.
While ISLA remains fully committed to the current implementation timelines, Dyson said that he is mindful of the considerable work and testing that will be needed to be done across the industry once the technical reporting standards are finalised.
ESMA’s own comments around the release of the consultation suggest that this will now most likely be in Q4 this year.
Dyson outlined in the blog: “I am seeing some clear patterns of what may potentially shape much of our industry in the second half of this year and into 2020.”
He added: “As an industry association, it is vitally important that we try and identify these trends; how they may affect our work in the short term, as well as some of our longer term thinking.”
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