The focus on financial services by global economists, regulators and policy makers, has never been as significant in all of history, as it has over the past decade. Notably, much of that has been led in Europe, where the financial crisis of 2007/8 as well as the ongoing climate crisis, have given rise to a series of regulatory imperatives and initiatives across all markets, including securities lending and financing.
Much of the regulatory agenda around these markets can be traced back to a series of recommendations from the Financial Stability Board in 2013. It is these very recommendations that have led directly to legislation such as the Securities Finance Transaction Reporting (SFTR) legislation.
This work has also manifested itself in other areas such as Markets in Financial Instruments Directive (MiFID) & Markets in Financial Instruments Regulation (MiFIR) to Undertakings for Collective Investment in Transferable Securities (UCITS)-specific guidelines and regulations.
More recently, the agenda seen from the European Commission (EC) has been evolving to reflect a growing focus on areas such as climate change and sustainable finance. Please note, ISLA has a separate Sustainability section, which focuses specifically on processes that will be affected or impact Environmental, Social and Governance (ESG) considerations as well as our own sustainability initiatives, amongst other things.
Updated regularly, the following timeline is an interactive roadmap that looks out to 2023, and plots regulations, consultations, legislative proposals, ‘Entry into Force’ dates, reviews and milestones, for key regulations across the EU, UK and US, that may impact the securities finance and securities lending markets. Hover over each milestone to access more information.
ISLA recognises the importance of easily accessible information and guidance in the context of understanding both the mechanics of the securities finance industry as well as the broader importance of securities lending within financial markets. To learn more, see Multilingual & Regional Industry Guides for relevant Industry Guides, or stay up to date on the latest industry challenges and trends by subscribing to receive news from the Association..