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ARTICLE · 27 JANUARY 2020

EU Securities Financing Transactions Regulation Reporting – Impacts For Asset Managers

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The new European Union rules requiring reporting by fund managers of securities financing transactions (SFT) take effect on October 11, 2020.

European UnionFinance and Banking
Ezra Zahabi
Ezra Zahabi
Ian Meade
Ian Meade
Tim Pearce
Tim Pearce
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Introduction

The new European Union rules requiring reporting by fund managers of securities financing transactions (SFT) take effect on October 11, 2020. While the scope of the reporting requirements under Article 4 of the Securities Financing Transactions Regulation 2015/2365 (SFTR) has been subject to some discussion,1 the European Securities and Markets Authority's (ESMA) guidance2 has provided helpful guidance in clarifying the extraterritorial reach of the reporting requirement. EU alternative investment funds (AIF) and Undertakings for the Collective Investment in Transferable Securities (UCITS) are within scope of the reporting requirement, and their EU managers will be formally responsible for their compliance with the reporting requirement. In addition, non-EU funds managed by EU fund managers and non-EU fund managers with an EU branch are directly subject to the reporting requirement under the SFTR. Non-EU managers of EU funds and/or acting

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