SFTR Period of Scrutiny Chaos – Where Same Means Different
Confusion reigns over the period of Parliament and Council scrutiny for the recently adopted level II SFTR legislation. Three months or one month? Earlier this week we broke the news that the European Commission (EC) at long last has adopted SFTR level II legislation. http://www.securitieslendingtimes.com/securitieslendingnews/article.php?article_id=222662 We also discussed the period of scrutiny and how it […]
EU Commission Adopts SFTR Level II…Finally!
The European Commission (EC) at long last adopted SFTR level II legislation today in the form of 7 delegated regulations. [Update 14.Dec: 3 more adopted today.] We broke the news early this morning on LinkedIn, and it was quickly reported in the press: http://www.securitieslendingtimes.com/securitieslendingnews/article.php?article_id=222662 So, eighteen months late. Better late than never. The pertinent […]
ESMA declines SFTR amendment – What happens next?
On 4 September, ESMA formally rejected the European Commission’s (EC) request to make minor amendments to its draft SFTR level II legislation. ESMA delivered this news in the form of a formal opinion with an accompanying covering letter. The “turf war” that we discussed previously continues. We were tempted to analyse the detailed legal argument […]
Protected: BREXIT Bombshell to hit Financial Industry – EMBARGOED STORY
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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 […]
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 […]
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 […]