ESMA consults on technical standards under SFTR and amendments to related EMIR RTS

The draft technical standards include rules on:

• the procedure and criteria for the registration as a trade repository under the SFTR;
• the use of internationally agreed reporting standards, the reporting logic and the main aspects of the structure and content of securities financing transaction (SFT) reports;
• requirements on transparency of data, data collection, aggregation and comparison; and
• the levels of access for different competent authorities.

The consultation also sets out proposals for certain amendments to the existing RTS under the European Market Infrastructure Regulation (EMIR) in order to take into account legal developments and ensure consistency, where relevant, between the EMIR and SFTR frameworks.

Comments to the consultation close on 30 November 2016. ESMA will use the feedback to finalise it draft technical standards which are due to be submitted to the EU Commission by the end of the first quarter or beginning of the second quarter of 2017. The finalised SFTR implementing measures would then be expected to apply from 2018.