SFTR Level III Briefing Note

Yesterday (27 May 2019), ESMA delivered its Consultation Paper for SFTR guidance in which it expressed its views, seeking industry comment. This document contains the main points. This document should be read in conjunction with our updated Excel field validation specification available here. ESMA’s Level III document here.   Briefing note from Market FinReg – […]

Protected: SFTR Q&A for Clients

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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 […]

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 […]