ISLA writes ESMA and NCAs with technical concerns on SFTR Phase 1 data submission

A few days from now, many ISLA member firms will begin submitting SFT data to their preferred Trade Repositories, as directed under the Securities Financing Transactions Regulation (SFTR). The preparation for this reporting requirement has already had a profound impact on the SFT industry, and we believe it will continue to influence many aspects of our market going forward.

Although ISLA members have devoted extensive effort to be compliant, working with us to form new market consensus, investing in systemic developments, and resourcing the necessary staff to maintain those new processes, some aspects of the reporting requirement remain challenging. In addition to advising our members to communicate any issues directly to their local NCA, we would like to share some notable examples with you.

The full letter is available at https://www.isla.co.uk/wp-content/uploads/2019/03/ISLA_Letter_SFTR_Challenges_Phase1.pdf

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