A new regulatory timetable is starting to emerge due to Coronavirus (COVID-19). The recent announcements of a delayed commencement to SFTR (Securities Financing Transactions Regulation) could cause a bottleneck for firms due to timelines clashing with the CSDR (Central Securities Depositories Regulations) and Uncleared Margin Rules (UMR) over the next two years.
Should Phase 5 of UMR be Delayed? The September 2020 deadline isn't far away. Is the impact of the virus a material change to the ability of firms to prepare? Hear what 21 trade associations think.
Recognising the upheaval caused by COVID-19 on financial markets, ESMA has made a number of announcements -
SFTR - It has postponed, by three months, the reporting obligations related to securities financing transactions under the Securities Financing Transactions Regulation and under Markets in Financial Instruments Regulation.
The European trade repository REGIS-TR is partnering with GLMX to provide a hosted reporting service for Securities Finance Transaction Regulation (SFTR).
Clients will be able to use GLMX’s pre- and post-trade platformand then delegate their reporting to GLMX to report their securities finance transactions to REGIS-TR under SFTR.
Launched in January 2018, MiFID II /MiFIR is now under review by The European Commission. In its initial stage it is gathering feedback on recommended changes from Member States, national competent authorities, the European Supervisory Authorities, market participants (such as data service providers, trading venues, investment firms, and asset managers, and FinTechs.
Although EMIR reporting started in 2014 the data quality has needed continuous improvement. Now the International Swaps and Derivatives Association, Inc. (ISDA), the European Fund and Asset Management Association (EFAMA), the European Venues and Intermediaries Association (EVIA), the Futures Industry Association (FIA) and the Global Foreign Exchange Division (GFXD) of the Global Financial Markets Association (GFMA) have publishing a public field-by-field best practise guide.
ICMA’s European Repo and Collateral Council (ERCC) has today published its guide to reporting repo transactions under the EU Securities Financing Transactions Regulation (SFTR).