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The July 2020 implementation date for credit institutions, investment firms, central counterparties (CCPs), central securities depositories (CSDs), and relevant third-country entities has already passed. 11 July 2020 collateral, reuse allowed, collateral reused, repo/lending/margin lending rate, haircut, maturity, callable date, market segment Article 4 of Regulation EU 2015/2365: phased in as from publication of RTS, expected Q1 2018 ... citing the significant challenges that the Covid-19 pandemic and the related measures pose to members’ SFTR implementation projects. SFTR & MiFID coverage Delegated reporting tools Comprehensive data enrichment Real time processing Fully ring fenced data model SFTR Solution Next Steps We would advise firms to consider the regulation in depth, specifically the reporting requirements, and begin preparing for the implementation date. With the first implementation date looming for the EU’s Securities Finance Transaction Regulation (SFTR), banks and investment firms impacted by the April 14 live date are finalizing their preparations for this data-heavy reporting regulation. The Securities Financing Transactions Regulation (SFTR), which came into force on 12 January 2016, intends to increase transparency in securities financing markets by introducing reporting requirements for securities financing transactions (SFTs) - similar to those already applicable to derivatives transactions under the European Market Infrastructure Regulation (EMIR). SFTR will start to phase in for the largest market participants in 2019, but there is much to prepare between now and then, from legal documentation to referential data sourcing and aggregating, and technology systems implementation. Banks, Investment Firms Brace for April 14 SFTR Implementation Date. It is clear that the implementation of the SFTR regulation will be a challenge for the securities finance industry due to the complexity of its data requirements, the dual-sided reporting and the reporting timelines. There is a range of first reporting dates under the SFTR. All new SFTs, modifications of open SFT’s and terminations of existing SFTs must be reported daily. After SFTR goes live in July, buy-side firms will have less than three months to prepare for the next phase of the regulation, with a planned implementation date of October 11. The regulation's implementation is being rolled out in phases with reporting start days differing by type of firm: March 2019 EC endorses the final draft of SFTR standards. 3 February 2020. With the first implementation date looming for the EU’s Securities Finance Transaction Regulation (SFTR), banks and investment firms impacted by the April 14 live date are finalizing their preparations for this data-heavy reporting regulation ESMA Defers SFTR Start Date for Phase One Reporting Entities. And while the reprieve does not eliminate the need to address the issues at hand, it presents an opportunity for organizations to examine their systems and consider best practices before reporting goes live. June 2019 Non-objection period for the European Parliament and European Council comes to an end. SFTR was set to go live in April 2020, however, due to the global COVID-19 crisis, ESMA has postponed the initial reporting date to July 2020. Phase wise implementation of SFTR … SFTR is a two-sided reporting requirement, with both collateral provider (borrower) and collateral receiver (lender) required to report their side of the SFT to an approved Trade Repository on trade date +1 (T+1). The paper explains high level requirements of the regulation and how firms are preparing for the SFTR reporting. Financing Transactions Regulation” (SFTR) with the estimated phased go live date planned from Q3 2019.

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