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ARTICLE · 20 MARCH 2020

EU Commission Confirms No SFTR Reporting For Non-EU Funds

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The European Commission has clarified in a letter to the Alternative Investment Management Association (AIMA) published on February 10, 2020,...

European UnionFinance and Banking
Ezra Zahabi
Ezra Zahabi
Tim Pearce
Tim Pearce
Ian Meade
Ian Meade
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The European Commission has clarified in a letter to the Alternative Investment Management Association (AIMA) published on February 10, 2020,1 further to AIMA’s request for clarification, that the requirement to report securities financing transactions (SFTs) under the Securities Financing Transactions Regulation (SFTR)2 does not apply to alternative investment funds (AIFs) which are established outside of the European Union and which are managed by an EU alternative investment fund manager (AIFM).

The clarification provides relief for the buy-side following the publication on January 6, 2020 of the European Securities and Markets Authority’s (ESMA) “Final Report – Guidelines on reporting under Articles 4 and 12 of the SFTR” (the “ESMA Final Report”) which indicated that the reporting requirement applies to a non-EU AIF of an EU AIFM.3 This would have given the SFTR significant extra-territorial reach, requiring reporting systems to be built by the non-EU AIF which,

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