Quick Look Brexit Financial Services Legislation Status Guide—SFTR

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Quick Look Brexit Financial Services Legislation Status Guide—SFTR
  • Onshored SFTR—from 1 January 2021
  • Provisions of SFTR which apply from dates falling in the implementation period and are included in EU retained law (subject to modification by SIs)
  • Provisions of SFTR which apply from dates falling after IP completion day and are not included in EU retained law

Quick Look Brexit Financial Services Legislation Status Guide—SFTR

This Quick Look Brexit Financial Services Legislation Status Guide provides high-level information on the status of Regulation (EU) 2015/2365 on transparency of securities financing transactions and of reuse and amending Regulation (EU) 648/2012 (SFTR) under UK law from 1 January 2021. For more detailed information, including on reporting, see Practice Note: Impact of Brexit: SFTR—quick guide. For an overview of Financial Services materials on Brexit, see Practice Note: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

During the implementation period beginning on 31 January 2020 and ending on 31 December 2020 (IP completion day), SFTR was directly applicable in the UK in accordance with the European Union (Withdrawal) Act 2018 (EU(W)A 2018), as amended by the European Union (Withdrawal Agreement) Act 2020, and the Withdrawal Agreement between the UK and the EU.

With effect from 1 January 2021:

  1. SFTR and the SFTR level 2 measures, as modified by statutory instruments (SIs) issued as part of the onshoring process under EU(W)A 2018, are part of EU direct retained law and accordingly apply in the UK—see Onshored SFTR—from 1 January 2021

  2. SFTR and SFTR level 2 measures which apply from dates falling in the implementation period are included in the provisions of SFTR forming part of EU direct retained law (subject to modification by SIs)—for ease of reference

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