After several delays earlier this year, the European Commission has finally approved the draft technical standard (RTS) for SFTR. The European Parliament now have up to six months to scrutinise the legislation, which has been changed from the previous 3 month suggestion. Meaning that the regulation will be published (at the latest) in the official journal around July 1 2019. First in line to start reporting are Credit institutions and Investment firms, which will be one year after the publication, followed by a phased in approach for other market participants in scope.
The uncertainty around the RTS approval have led many firms to put their SFTR projects on hold and firms may now feel as there is a lack of time to implement SFTR. If not already started, it sure is time to start reviewing your firms readiness for SFTR implementation and allocate budget for next year.
To successfully meet the SFTR obligation it will be particularly important to resolve the data sourcing and reconciliation challenges. As transaction reporting obligations continue to increase with the rollout of SFTR, it is becoming more imperative than ever for firms to take a strategic approach and adopt automated solutions that extend across multiple regulations.
Did you know that there is a 30% overlap between EMIR and SFTR?
Read our white paper on SFTR to learn more about the challenges SFTR bring.
For questions on how we can help, contact Andreas Bergh on +46(0)8 1213 9519 or firstname.lastname@example.org