ICMA ERCC releases updated version of its SFTR recommendations


22 April 2020 The ICMA European Repo and Collateral Council (ERCC) has today published an updated version of the ICMA Recommendations for Reporting under SFTR. The ICMA guide was initially published on 24 February and aims to help members interpret the regulatory reporting framework specified by ESMA and sets out complementary best practice recommendations to provide additional clarity and address ambiguities in the official guidance. As compared to the initial publication, the version published today includes relevant updates, including to reflect the recently granted 3-month delay to the first phase of the SFTR go-live as well as the forbearance on backloading. The updated version also covers a number of new questions, as well as additions and revisions to existing recommendations covered in the guide. For ease of comparison, ICMA published, alongside the new guide, a blackline version which shows all the changes that have been made since the initial publication. 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 NCAs. Further updates will be made available on the ICMA website.

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