LONDON, Thursday 19 December 2019 – The International Securities Lending Association (ISLA), in collaboration with the Association of Financial Markets in Europe (AFME), the Futures Industry Association (FIA), the International Capital Markets Association (ICMA), and the International Swaps and Derivatives Association, Inc. (ISDA) have published a new agreement intended to simplify reporting across different European Union regulatory regimes.
The Master Regulatory Reporting Agreement (MRRA) gives market participants an option to use a single template to help them manage regulatory obligations and provide services related to reporting under the European Market Infrastructure Regulation (EMIR) and the Securities Financing Transactions Regulation (SFTR). Use of a common template for all reporting relationships under the two rule sets will bring greater efficiency and consistency to the regulatory reporting process.
The MRRA sets out common terms governing mandatory and delegated reporting of derivatives transactions under EMIR, compatible with changes introduced via EMIR Refit, as well as securities financing transactions under the SFTR. The agreement has also been drafted with a view to ensuring these terms remain effective post-Brexit.
The MRRA was developed with the assistance of committees and working groups established by the five associations, comprising representatives from both buy- and sell-side firms with expertise in derivatives and securities financing transactions.
The MRRA and an explanatory memorandum setting out the architecture and the background to the MRRA are available here.
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International Securities Lending Association (ISLA) is a leading industry association, representing the common interests of securities lending and financing market participants across Europe, Middle East and Africa. Its geographically diverse membership of over 160 firms, includes institutional investors, asset managers, custodial banks, prime brokers and service providers. Working closely with the global industry as well as regulators and policymakers, ISLA advocates the importance of securities lending to the broader financial services industry. ISLA supports the development of a safe and efficient framework for the industry, by playing a pivotal role in promoting market best practice, amongst other things. ISLA sponsors the Global Market Securities Lending Agreement (GMSLA) and the annual enforceability review in over 20 jurisdictions globally. Through member working groups, industry guidance, consultations and first-class events and education, ISLA helps to steer the direction of the industry and is one of its most influential voices on the European and global stage.
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