Government Agencies Reporting

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Status: Best Practice Finalised, Last Updated: 26/04/2021

Question:
Are government agency pension funds out-of-scope for reporting under SFTR?

Best Practice:
Beneficial owners (being in this case a government agency pension fund), located in the EU, have received a letter from their NCA that they are not in scope of the SFTR regulation. They previously had confirmation they were out of scope for EMIR regulatory reporting and this has now been provisionally extended to SFTR as well.
Previously having had confirmation they were out of scope for EMIR regulatory reporting, this has now been extended to SFTR as well.

These clients are government agency pension funds and, as such, ESMA determined they do not fit any of the financial or non-financial counterparty classifications in EMIR and SFTR, so are out-of-scope and do not need to report. This means single sided reporting will occur under SFTR in this instance.

See Level I Text 23rd December 2015

Article 2(a). Articles 4 and 15 do not apply to: Members of the European System of Central Banks (ESCB), other Member State bodies performing similar functions, and other union public bodies charged with, or intervening in, the management of the public debt. (SFTR-271)