ESMA Grants flexibility in SFTR application for looming deadline of 13/14th April

News

ESMA grants flexibility in SFTR application for looming deadline of 13/14 April  

24 March 2020 

Regulatory News Alert

Context

Securities Finance Transactions Regulation (SFTR) reporting is planned to ‘go live’ on the 13th or 14th April 2020. However, in light of COVID-19’s impact  on institutions and supervisors, the European Securities and Markets Authority (ESMA) has invited local supervisory authorities not to prioritize SFTR reporting for the first date of reporting due in April.

ESMA has issued a public statement to coordinate supervisory actions on the application of SFTR concerning:

  • The requirements regarding the reporting start date
  • Registration of Trade Repositories (TR).

ESMA invites and recommends local authorities not to prioritize their supervisory actions towards entities subject to Securities Finance Transactions (SFT) reporting obligations as of 13 April 2020 and until 13 July 2020.

ESMA also expects TRs to be registered sufficiently 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.
 

Next steps

In light of COVID-19, ESMA will monitor the market’s actions and developments so as to evaluate potential impacts and necessary additional measures to be taken in the near future.

How can Deloitte help you?

Deloitte has been helping clients to comply with SFTR provisions by providing assistance on activities ranging from strategic considerations, to the full implementation of its requirements.

Deloitte Luxembourg SFTR Services can help your organization analyze any current gaps by implementing regulatory health checks, proposing remediation plans, and defining an appropriate governance framework (contracts, risk management, and control).

We can help you in your reporting with our specific facility for EMIR, MIFIR, and upcoming SFTR.

With our RegWatch service, Deloitte helps you stay on top of regulatory news while preparing your organization to address future regulatory developments.

 

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Contacts

Subject matter specialists

Pascal Martino
Partner – Banking & Digital Leader
Tel: +352 45145 2119
pamartino@deloitte.lu

Laurent Collet
Partner – Strategy, Regulatory & Corporate Finance
Tel : +352 45145 2112
lacollet@deloitte.lu

Kevin Demeyer
Director – Strategy, Regulatory & Corporate Finance
Tel : +352 45145 3808
kdemeyer@deloitte.lu

 


Regulatory Watch Kaleidoscope service

Simon Ramos
Partner – IM Advisory & Consulting
Leader
Tel : +352 45145 2702
siramos@deloitte.lu

Jean-Philippe Peters
Partner – Risk Advisory
Tel : +352 45145 2276
jppeters@deloitte.lu

Benoit Sauvage
Director – RegWatch, Strategy & Consulting
Tel : +352 45145 4220
bsauvage@deloitte.lu

Marijana Vuksic
Manager – Strategy Regulatory & Corporate Finance
Tel : +352 45145 2311
mvuksic@deloitte.lu

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