ESMA Publishes Opinion on Proposed Amendments to Standards on SFTR

ESMA has not amended the draft technical standards and believes that the proposed amendments will:

• Hinder the possibility to take into account international developments and reporting standards agreed at global level and risk timely alignment with international reporting standards
• Deviate from and create inconsistency with the currently applicable EMIR reporting standards
• Not provide certainty, clarity, predictability, and consistency, which is essential for the market and public authorities in relation to reporting standards
• Result in a significantly extended timeline for the introduction of global standards in EU

Initially, on March 30, 2018, ESMA had submitted to EC the regulatory technical standards on the details of securities financing transactions to be reported to trade repositories and implementing technical standards on the format and frequency of such reports. On July 24, EC, through a letter, had informed ESMA of its intention to endorse with amendments the draft regulatory and technical standards that were submitted by ESMA. Regulation requires ESMA to adopt a formal opinion on proposed amendments to its draft technical standards by EC within a six-week period. The draft technical standards may now be adopted or amended by EC.

Related Links

• Press Release
• ESMA Opinion
• ESMA Letter to EC
• EC Letter to ESMA Requesting Opinion

Keywords: Europe, EU, Securities, SFT, SFTR, RTS/ITS, LEI, UTI, Opinion, EC, ESMA