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Update On UK and EU Securities Financing Transactions Regulation 

November 17, 2016

Willaim Yonge, The National Law Review

In light of recent efforts by UK and EU financial authorities to incorporate the ​Securities Financing Transactions Regulation (SFTR), managers of Alternative Investment Funds and Undertakings for Collective Investment in Transferable Securities that engage in securities financing transactions should consider any necessary actions regarding disclosure, reporting, or consent.

In late September 2016, the UK Financial Conduct Authority (FCA) published changes to its Collective Investment Schemes sourcebook (COLL) and Investment Funds sourcebook (FUND) to incorporate elements of the Securities Financing Transactions Regulation (SFTR). Additionally, the European Securities and Markets Authority (ESMA) recently published its Consultation Paper on draft regulatory technical standards (RTS) and implementing technical standards (ITS) for SFTR.

This article considers the changes introduced by these publications and the effects, in particular, on managers of Alternative Investment Funds (AIFs) and Undertakings for Collective Investment in Transferable Securities (UCITS) that engage in securities financing transactions. Read more

 
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