An Update from the SFTR Project Team

On Monday 29 July 2019, ISLA submitted its responses to the 85 questions raised in the Level III Consultation Paper (Guidelines for reporting under Articles 4 and 12 SFTR) published by the European Securities and Markets Authority (ESMA) on Monday 27th May 2019.

This was the culmination of many months of work undertaken by the SFTR project team, including discussions from the recent Open Hearing and ‘Invitation-Only‘ Workshop events organised by ESMA in Paris. In preparation for both events and as part of the SFTR Trade Association Supergroup, ISLA had worked closely with a number of industry associations, including ICMA and AFME, to coordinate respective submissions, and align findings, feedback, priorities and issues for escalation. Click here for a full list of responses.

As ESMA looks to publish their official response to the consultation in Q4 of this year, we as an Association will be focused on several key objectives and deliverable’s between now and go-live in 2020.

Firstly, with a clearer view of the guidelines for reporting for SFTR (Articles 4 and 12) post-consultation, we will be further engaging with all our various streams, including the Tri-party and Vendor working groups to progress relevant discussions and publish content.

Furthermore, we will be looking to deliver Best Practice to our members and broader industry stakeholders, including guidance on RTS population logic, and direction on compliance to the reporting obligations through interpretation.

ISLA will publish in due course a high-level road map that will outline these workstreams and deliverable’s. This will provide a clear implementation path that will combine much of the valuable work we have done so far, whilst ensuring that we start to link our SFTR work with other important areas such as corporate actions and broader collateral harmonisation issues.

To stay a breadth of all latest developments and updates from the ISLA SFTR Project Team, including a list of active groups, upcoming meetings and broadcasts as well as working group minutes and documents, visit our SFTR page, or the Events section.

Richard Colvill, SFTR Analyst

Back to Blog