ISLA welcomed ESMA’s Public Statement on 19 March 2020, regarding a delay of SFTR go-live in recognition of the impact of COVID-19. It was widely acknowledged however, that some further clarification was required to crystallise that delay and ensure correct interpretation by industry participants.
The FCA have now issued their approach to supervising reporting under the SFTR, which can be found at the following link:
ISLA’s optimistic interpretation of ESMA’s statement was a deferral of phase 1 (April 2020) until phase 2 (July 2020), effectively combining phase1 into 2. We are pleased that the FCA has confirmed our understanding,
As an Association, we will continue to monitor the situation with our members.
This delaying action will give much needed relief to firms, who like all of us, are working through an unprecedented event.