The European Council has extended the formal scrutiny period of the Reporting Technical Standards (RTS) in respect of the SFTR by three months. In practice, this implies that the scrutiny period will now end on the 13th June 2019. With entry coming into force twenty days after publication in the Official Journal, we now expect the implementation timeline to commence no earlier than July or August 2019. Consequently the reporting obligations under Article 4 of the legislation for tier one firms will now commence in Q3 2020.
‘Whilst it is disappointing to see the implementation timetable move out further, this additional time will allow the market to better prepare for SFTR. ISLA is working extensively with the industry to ensure a smooth implementation as possible of this important transparency directive, and the additional time will allow for the necessary systems and IT development work across the industry.’ Andy Dyson, CEO, ISLA
For further information on the work that ISLA is doing on SFTR including our various working group initiatives, please contact SFTR@isla.co.uk.