If you re-use collateral, use repos or reverse repos, engage in securities or margin lending, or use total return swaps, then the Securities Financing Transactions Regulation (SFTR) will impact your business.

In the wake of the negative press swirling around shadow banking, the SFTR aims to enhance transparency in relation to the use of SFTs by introducing a range of transparency obligations. The Regulation requires that:

  • a recipient of collateral may only re-use it if the provider has been informed of the risks and has given consent
  • AIF and UCITS managers must disclose their use of SFTs to their investors
  • both counterparties must report new, modified or terminated SFTs to a trade repository.

SFTR is being phased in gradually, with the collateral re-use and investor disclosure requirements already in effect and the trade repository reporting rules expected to start in July 2019. The requirements have parallels but also points of difference with the transparency requirements of other regimes including MiFID II and EMIR.

At this briefing we explored these requirements, helping firms make sure they’re compliant with the rules already in effect and ready for those around the corner.

To find out more information about any of the topics covered or to request a copy of the slides please get in touch at briefings@bovill.com.

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18 July 2018 (iCal | GCal)

Bovill London

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