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As part of the EU initiative on shadow banking, the Securities Financing Transactions Regulation (SFTR) aims to improve transparency in the securities financing transactions market. Robert Daniell, senior counsel, William Sykes, partner and Audra Wamsteker, senior solicitor and professional support lawyer at Macfarlanes LLP, outline the key requirements of the SFTR and the obligations imposed on those affected.
The Securities Financing Transactions Regulation (EU) 2015/2365 is an EU regulation that creates transparency for regulators and investors concerning securities financing transactions (SFTs), and requires disclosures of risks associated with providing collateral.
The build-up of leverage in SFTs has been a primary concern of regulators as one form of SFT, ie repurchase transactions (repos), and has been a key constituent in the ‘shadow banking’ system that has grown in size to rival that of the traditional banking system. The SFT reporting requirement in particular is intended to give regulators better understanding of the scope of the SFT market and its users.
The SFTR affects the following SFTs:
The transparency obligations under the SFTR also apply to total return swaps (TRSs).
Reuse of custodied collateral by recipients (often called rehypothecation), and title transfer financial collateral will also require risk disclosures.
The following entities are affected:
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1.Banking and finance lawyer with experience in derivatives, debt capital markets, securitisation and structured finance in London and Paris
2.Likes ballet, playing the harp and holidays
3.Thinks the law is always changing!
Emma trained and qualified at Allen & Overy LLP and worked in their derivatives and structured finance teams in London and Paris. She then joined the foreign exchange prime brokerage legal team at Deutsche Bank before spending 4 ½ years with Crédit Agricole CIB advising the fixed income and derivatives desk.
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