ESMA opinion on proposed amendments to SFTR

On 4 September 2018, the European Securities and Markets Authority (ESMA) published an opinion (the Opinion) in response to the European Commission’s (the Commission’s) proposed amendments of 24 July 2018 on the technical standards on reporting under the Securities Financing Transactions Regulation (STFR). The Commission’s proposed amendments concerned the provisions of the draft Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) submitted by ESMA that envisaged the mandatory use of forthcoming industry 1 standards (legal entity identifiers for branches and unique trade identifiers for transactions) for reporting to trade repositories once these standards have been “endorsed by ESMA” in the future. The full amendments submitted by the Commission are included in Annex 2 of the Opinion. In section 4.1.2 of the Opinion, ESMA assesses and justifies the importance of the original text of the technical standards which the…

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