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Corona, SFTR

ESMA indicates SFTR leeway and other Corona news

ESMA has today issued this statement and this press release, asking NCAs to “not prioritise supervisory actions” with regards to the upcoming start of reporting under SFTR. The first start of reporting date is on 13 April 2020 for credit institutions, investment firms, and relevant third country entities. The statement recognises the pressure on resources at covered entities due to the current Corona virus situation. This follows a letter sent by the ICMA and ISLA to ESMA, asking for a delay. A copy of the letter can be found here.

Most non financial entities in energy and commodities that are within scope will only need to start reporting in January 2021 (see here).

The UK’s FCA now have a specific web page for Covid-19 related matters, that can be found here. Thew Futures Industry Association (FIA) also have a page that can be found here.

 

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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