On Tuesday 23rd June Rishi Sunak, the UK’s Chancellor of the Exchequer, issued this statement providing updates on how Financial Services regulations will be applied in the UK once the Brexit transitional period ends on 31 December 2020. Contained within it is an announcement that the UK will not be applying the Securities Financing Transaction … Continue reading
It comes as no surprise that there have been many announcements relating to the impact of Covid 19 since our last update here. These include: Temporary changes and a “softening” of the UK Senior Managers and Certifications Regime(SM&CR), as announced by the FCA here and discussed on the FT Advisory site here. An extension to … Continue reading
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 … Continue reading
Earlier this week ESMA published a final series of documents relating to the Securities Financing Transaction Reporting regulation (SFTR). The scope of SFTR includes “commodities lending”, which could be taken to include certain activities undertaken by commodity and energy market participants. SFTR covers Non-Financial Counterparties (NFC), as well as Financial Counterparties (FC). Reporting starts in … Continue reading
There have been several revelations recently that many who are obliged to report under MiFID II have been experienced issues with reporting. This article on The Trade News web site reports that a high proportion of market participants receive no feedback from regulators on submissions. The article refers to a study carried out by vendor … Continue reading
ESMA recently closed a consultation on the Securities Financing Transaction Reporting regulation (SFTR). The scope of SFTR includes “commodities lending”, which could be taken to include certain activities undertaken by commodity and energy market participants. SFTR covers Non-Financial Counterparties (NFC), as well as Financial Counterparties (FC). Earlier this year the start dates of reporting were … Continue reading
The Securities Financing Transaction Reporting (SFTR) implementing regulation has now been published in the Official Journal of the European Union. This sets the start of reporting dates. The first date is 11th April 2020 for Investment Firms. The date for NFCs is 11th January 2021. The final set of documents can be found here. Previous … Continue reading
As the working year of 2019 opens, it is worth taking a few moments to consider what will keep us busy in the regulatory world of energy and commodity trading over the coming months. As usual on this blog, we will focus on Europe, with an eye on the rest of the world. The era … Continue reading
Last week, the European Commission adopted several level II texts relating to the Securities Financing Transaction Regulation (SFTR). The rules require that transactions in repurchase agreements, securities lending/borrowing, commodities lending/borrowing, buy/sell back and “reuse” of collateral are reported to authorised Trade Repositories. The rules will apply to a wide range of entities, including non financial counterparties, … Continue reading
The 2018 working year starts today for most, which provides a good opportunity to consider the months ahead. Start of year The end of 2017 has been unsurprisingly busy, with several pieces of news posted since our “end of year” entry. In addition to today being the first day on which Swiss “FC-” and “NFC+” … Continue reading
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