ESMA delays SFTR roll out amid COVID-19 outbreak

The European Securities and Markets Authority (ESMA) has today announced a three month delay of the SFTR implementation to mitigate the impact of COVID-19 on the EU financial markets.

The statement has been issued to ensure a coordinated approach to the application of Securities Finance Transactions Regulation (SFTR) across Europe and focusses in particular on the SFTR reporting start date and the registration of Trade Repositories (TRs).

In summary:

  • ESMA expects competent authorities not to prioritise their supervisory actions towards entities subject to SFT reporting obligations as of 13 April 2020 and until 13 July 2020.

  • ESMA does not consider it necessary to register any TR ahead of 13 April 2020. Instead ESMA expects TRs to be registered ahead of the next phase of the reporting regime, i.e. 13 July 2020, for credit institutions, investment firms, CCPs and CSDs and relevant third-country entities to start reporting as of this date.

ESMA will continue to monitor closely the implementation by the relevant market participants as well as the impact of the relevant measures taken with regards to COVID-19 to ensure alignment of SFT reporting requirements and supervisory practices in the EU. Read the statement here



About SteelEye

SteelEye is a RegTech and data analytics firm that was established to reduce the complexity and cost of financial compliance and enable firms globally to manage their regulatory obligations through a single platform.

SteelEye’s ability to bring together, cleanse, index and analyse structured and unstructured data across all asset classes and communication types enables clients to effortlessly meet their regulatory needs, because when all this data is in one place, compliance becomes both easy and cost-effective. And with everything under one lens, firms also gain fresh insight into their business, helping them improve their efficiency and profitability.

To date, SteelEye has launched solutions for record keeping, trade reconstruction, transaction reporting, trade and communications surveillance, best execution reporting, transaction cost analysis and advanced analytics for regulations including MiFID II, EMIR, Dodd-Frank, SMCR and MAR.



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