Blog

May
09

SFTR – Enforcement Action against the EU Commission

With regret, we announce we have commenced action against the European Commission (EC) for its failure to adopt or otherwise the SFTR RTS (regulatory technical standard) as ESMA presented to them on 31 March 2017. We previously explained the basis for action and had sought to engage privately with the EC but they have refused […]

By Staff | Law . SFTR
DETAIL
May
09

GDPR: Police Requesting Personal Data – Disclose?

GDPR has legal force. What next? We were contacted by a prominent firm’s legal department seeking our opinion. The police sent them a request for personal data on a number of individuals. They were unsure how to handle the request under GDPR. Should they comply, or refuse the police’s request, insisting they obtain a court […]

By Staff | GDPR . Law
DETAIL
May
09

SFTR – Commission will adopt ESMA’s RTS/ITS BUT…

For many months we have been writing both publicly and privately to our clients inviting them to ignore industry gossip about a greatly changed SFTR being privately concocted by the Commission (EC). We have posited that firms really do need to crack on as the draft level II legislation will not change in any significant […]

By Staff | Law . SFTR
DETAIL
Apr
06

SFTR – Commission delays RTS adoption. But is it legal?

How long does the EU Commission legally have to adopt a regulatory technical standard (RTS)? Specifically, how long does the Commission have to adopt the SFTR RTS given that they received it over a year ago. This article will present Market FinReg’s views.   Disclaimer: This is a matter of considerable public interest and represents […]

By Staff | Law . SFTR
DETAIL
Mar
06

FSB delivers Global Shadow Banking Monitor 2017

In my book SFTR: A Survival Guide[i], I explained the importance of monitoring FSB shadow banking reports if one is to truly understand the essence of SFTR: As recitals 2-7 of SFTR acknowledge, the FSB’s reports have been instrumental in fashioning the EU’s SFTR legislation. Indeed, SFTR is the EU’s implementation of FSB recommendations (‘this […]

By Staff | SFTR
DETAIL
Mar
06

Re-examination of a legal case in light of MiFID II

The majority of my publications distil the essence of complex packages of financial legislation into easily understandable guides for financial institutions to implement remediation projects (e.g. MiFID II: A Survival Guide) This article is a departure from the above. It is legal in nature, written for  lawyers. I will demonstrate which arguments counsel should now […]

By Staff | Law . MiFID II
DETAIL
Feb
01

SFTR – Collateral Reuse (rehypothecation)

Collateral Reuse – PILLAR III Reuse of collateral provides liquidity and enables counterparties to reduce funding costs. However, it tends to create complex collateral chains between traditional banking and shadow banking, giving rise to financial stability risks… Reuse should take place only with the express knowledge and consent of the providing counterparty. SFTR[I]   Principle […]

By Staff | Law . SFTR
DETAIL
Feb
01

What is SFTR? A Whirlwind Tour of the 3 Limbs

What is SFTR? SFTR: Security Financing Transactions Regulation. Formally, Regulation (EU) 2015/2365…on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012. It was adopted on 25 November 2015.   SFTR is built on three pillars[i]: Transaction Reporting. Requirements for counterparties to SFTs to report all SFTs to central trade repositories; […]

By Staff | SFTR
DETAIL
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