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ARTICLE · 22 DECEMBER 2015

Casting Light On Shadows: New Transparency Rules For Securities Finance Transactions

Morrison Foerster
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This article summarises potential new European regulatory obligations that may arise for any financial entity, whether located inside or outside of the European Union...

European UnionFinance and Banking
Jeremy Jennings-Mares
Jeremy Jennings-Mares
Peter Green
Peter Green
Lewis Lee
Lewis Lee
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This article summarises potential new European regulatory obligations that may arise for any financial entity, whether located inside or outside of the European Union, that regularly or occasionally enters into securities finance transactions (including repurchase agreements, securities / stock lending or borrowing or margin lending).

On 3 November 2015, the Council of the European Union (the "Counsel") adopted the European Commission's proposal for a regulation on reporting and transparency of securities financing transactions (the "Proposed Regulation")1.

Background

The roots of European regulatory focus on securities finance transactions ("SFTs") extend to the aftermath of the recent financial crisis and the search for causes of instability in global financial markets. Following reports by the Financial Stability Board ("FSB")2, the European Commission3 and the review led by Erkki Liikanen4, each covering (amongst other things) the key role of financial

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