On 06.01.2020 the ESMA published its final report, guidelines on reporting and the amended SFTR validation rules, along with a statement on the LEI requirements.
As the first phase of SFTR reports will come into force on 13th or 14th of April this year (subject on Easter holidays), ESMA is seeking to clarify as many of the industry’s questions as possible. The aim of the guidelines is to ensure smooth and optimal implementation of the reporting obligations, by providing precision and practical advices.
The LEI availability of non-EU issuers is one of the main concerns and ESMA published a statement to help clarify the reporting entities and – among the other provisions – allows up to 12-months grace period for obtaining the respective LEIs. ESMA underlies the fact that the relaxation only applies to third-country issuers and does not affect LEI requirements in any other instances, including the identification of third-country counterparties to an SFT.
The SFTR validation rules have also been amended in order to align with the updated ISO XML schemas published in December 2019 just before the Christmas holidays.
You can find more details on ESMA’s hompage and our experts will be happy to discuss any question regarding SFTR or other regulatory reporting topic you may have with you.
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By Marian Predov