ICMA ERCC publishes fifth edition of its SFTR recommendations


29 October 2020 The ICMA European Repo and Collateral Council (ERCC) has published today an updated version of the ICMA Recommendations for Reporting under SFTR. This is the fifth public edition of the document, which was initially released on 24 February and last updated on 7 September.

The Recommendations aim to help members interpret the regulatory reporting framework specified by ESMA and set out complementary best practice recommendations to provide additional clarity and address ambiguities in the official guidance. Compared to the previous edition, the new version of the guide includes a number of further updates to address reporting issues raised by members since the initial go-live on 13 July, and it also covers a number of specific buy-side questions and important lessons learnt since the buy-side reporting go-live on 12 October. In addition, the latest version of the guide now also includes a detailed breakdown of the post-Brexit reporting obligations under SFTR and MiFIR for UK, EU and non-EU counterparties.

For ease of comparison, ICMA published, alongside the new guide, a blackline version which shows all the changes that have been made since the last publication in September. Going forward, the document will continue to evolve to reflect ongoing discussions in the ERCC SFTR Task Force as well as any additional guidance received from ESMA and/or the National Competent Authorities (NCAs). In addition to the detailed recommendations, ICMA has also developed a number of complementary best practice documents, including a comprehensive set of over 50 SFTR sample reports, which are available on the ICMA website.

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