News & Analysis as of

Securities Financing Transactions (SFTs)

Hogan Lovells

Financial institutions general regulatory news, September 2020 # 2

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PRA PS20/20: response to CP3/20 occasional paper - Following its March 2020 occasional consultation paper (CP3/20), the UK Prudential Regulation Authority (PRA) has published a policy statement, PS20/20, setting out its...more

Jones Day

Does the EU's SFTR Mandatory Reporting Apply to Your Margin Lending Transactions? - The mandatory reporting of securities...

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The European Union's new reporting requirement under Regulation (EU) 2015/2365 of November 25, 2015—known as the Securities Financing Transactions Regulation ("SFTR")—will go into effect beginning on April 11, 2020, for...more

Hogan Lovells

Banking and finance regulatory news, March 2020

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Recent regulatory developments of interest to financial institutions. CRR: PRA PS5/20 on pre-issuance notification requirements - Following its earlier consultation paper, CP20/19, the Prudential Regulation Authority...more

Akin Gump Strauss Hauer & Feld LLP

EU Commission Confirms No SFTR Reporting for Non-EU Funds

The European Commission has clarified in a letter to the Alternative Investment Management Association (AIMA) published on February 10, 2020, further to AIMA’s request for clarification, that the requirement to report...more

A&O Shearman

European Commission Confirms Scope of Securities Financing Transactions Regulation for Non-EU Funds

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In a letter published by the International Securities Lending Association, the European Commission confirms that the reporting obligations of the EU Securities Financing Transactions Regulation will not apply to non-EU...more

A&O Shearman

European Systemic Risk Board Recommends Options for Addressing Procyclicality in Derivatives Markets and Securities Financing...

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The European Systemic Risk Board has published a report on mitigating the procyclicality of margins and haircuts in derivatives markets and securities financing transactions. The report assesses the systemic risks arising...more

Akin Gump Strauss Hauer & Feld LLP

EU Securities Financing Transactions Regulation Reporting – Impacts for Asset Managers

The new European Union rules requiring reporting by fund managers of securities financing transactions (SFT) take effect on October 11, 2020. While the scope of the reporting requirements under Article 4 of the Securities...more

A&O Shearman

European Securities and Markets Authority Publishes Clarifications on Reporting of Securities Financing Transactions

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The European Securities and Markets Authority has published a final report and guidelines on reporting under the Securities Financing Transaction Regulations, together with amended SFTR validation rules and a statement on...more

A&O Shearman

European Banking Authority Publishes Advice on EU Implementation of Basel III

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The European Banking Authority has published the second part of its two-part technical advice on the impact of the Basel III reforms in the EU. The Basel III reforms aim to reduce excessive variability of risk weighted assets...more

A&O Shearman

Basel Committee on Banking Supervision Publishes Consultation on Credit Valuation Adjustment Risk

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The Basel Committee on Banking Supervision has published a consultation paper seeking feedback on its final amendments to the credit valuation adjustment risk framework set out under the Basel III standards. The paper...more

A&O Shearman

Financial Stability Board Delays Implementation Deadlines for Minimum Haircut Standards for Uncleared SFTs

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The Financial Stability Board has extended the implementation timelines for its recommendations on securities financing transactions, in particular those on minimum haircut standards for uncleared SFTs. SFTs involve the use...more

Hutchison PLLC

Financing Your Startup with Security: Securities Law Basics

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If your company plans to raise money by selling stock or convertible notes (also known as “securities”), then your company must comply with federal and state securities laws. If not, the company and its promoters could become...more

A&O Shearman

Proposed EU Guidelines for Reporting of Securities Financing Transactions

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The European Securities and Markets Authority has published a consultation paper proposing guidelines for reporting of securities financing transactions under the Securities Financing Transactions Regulation. SFTs involve the...more

Akin Gump Strauss Hauer & Feld LLP

In Principle - 10 Things Authorised Firms Need To Know For 2019

In the 2018 edition of this publication, we ended the introduction with the line, “We can only hope that we will enter 2019 with greater certainty than 2018 as to how the regulatory landscape will look.” Unfortunately,...more

A&O Shearman

Financial Stability Board Publishes Reporting Guidelines for Global Securities Financing Data Collection

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The Financial Stability Board has published final Reporting Guidelines for implementing the November 2015 Global FSB Securities Financing Data Standards, which set out the standards and processes for global securities...more

Akin Gump Strauss Hauer & Feld LLP

In Principle: 10 Things Authorised Firms Need to Know for 2018 – The World of Financial Regulation as the UK Prepares to Exit the...

There is much for authorised firms to consider in the year ahead. Firms have been through the intensive period of the enactment of the second Markets in Financial Instruments Directive (MiFID II), but must now step up their...more

A&O Shearman

European Commission Recommendations on Further Mitigating Risks related to Securities Financing Transactions

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The European Commission has published a Report on the progress made internationally to mitigate risks associated with Securities Financing Transactions and recommendations, if any, for the EU to develop its regulatory...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

CFTC Comparability Determination on EU Margin Requirements and a Common Approach on Trading Venues - On October 13, 2017, the U.S. Commodity Futures Trading Commission ("CFTC") announced determinations by the CFTC and the...more

Orrick - Finance 20/20

Mitigating Risks Associated with SFTs: European Commission Publishes Report

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The European Commission has published a report to both the European Parliament and the Council of the EU under Article 29(3) of the Regulation on reporting and transparency of securities financing transactions ((EU)...more

Jones Day

Complete Revision of German Securities Trading Act Passed German Parliament

Jones Day on

On 30 March 2017, the German Parliament (Bundestag) finally approved a complete revision of the German Securities Trading Act (Wertpapierhandelsgesetz) as part of the Second Financial Markets Reform Act (2....more

Akin Gump Strauss Hauer & Feld LLP

Securities Financing Transactions Regulation—Update

Regulation (EU) 2015/2365, the Securities Financing Transactions Regulation (SFTR), imposes a number of requirements on EU fund managers (see the previous Akin Gump client alert on SFTR, The New Securities Financing...more

A&O Shearman

European Securities and Markets Authority Publishes Final Secondary Measures for Reporting of Securities Financing Transactions

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The European Securities and Markets Authority has published a report and final draft Implementing and Regulatory Technical Standards for the Securities Financing Transactions Regulation. The majority of the SFTR came into...more

Morgan Lewis

Update On Securities Financing Transactions Regulation

Morgan Lewis on

In light of recent efforts by UK and EU financial authorities to incorporate the SFTR, managers of Alternative Investment Funds and Undertakings for Collective Investment in Transferable Securities that engage in securities...more

K&L Gates LLP

Reforming the Financial Markets in Germany—Update on the Implementation of MiFID2

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The Ministry of Finance in Germany has just concluded a consultation for a 379-page draft bill for the Second Financial Markets Reform Act (Zweites Finanzmarktnovel-lierungs­gesetz) (the “Act”) that aims to transpose, amongst...more

A&O Shearman

European Securities and Markets Authority Consults on Secondary Measures for Reporting of Securities Financing Transactions 

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The European Securities and Markets Authority published a consultation paper on its proposed draft Implementing and Regulatory Technical Standards for the Securities Financing Transactions Regulation....more

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