SFTR – Enforcement Action against the EU Commission

SFTR – Enforcement Action against the EU Commission

With regret, we announce we have commenced action against the EU 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 to answer. A prominent news service (Global Investor) then requested comment but nothing of substance was forthcoming.

Under EU law, the Commission has 3 months to adopt or request modifications of an RTS or ITS. It has been 14 months.

We hope formal action will now spur the EU to either adopt the long overdue RTS or explain the precise cause for delay.


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