The European Commission has formally announced the commencement of the adoption process for the Regulatory Technical Standards (RTS) in respect of the SFTR. The European Council and the Parliament now have a period of three months to scrutinise the RTS prior to their formal adoption. Once published in the Official Journal of the EC the legalisation comes into force one month thereafter. Based on the announcements made on the 13th December the first reports for tier one firms are now expected to be in Q2 2020.
Andy Dyson, CEO at ISLA commented ‘‘After considerable and detailed preparatory work across the industry in recent months it is good to get clarity around the dates, we are all now working towards. The announcement made on December 13th underlines how important the first 6 months of 2019 will be in terms of developing a consistent and pragmatic framework to ensure that the industry is able to comply with the Article 4 daily reporting requirements.’
Further details of the announcements made by The Commission may be found at http://europa.eu/rapid/press-release_MEX-18-6807_en.htm