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“That’s SO Unfair!!” Standard Terms and the Unfair Contract Terms Act

  Introduction The recent Court of Appeal case of African Export-Import Bank & Ors v Shebah Exploration & Production Company Ltd & Ors [2017][1] dealt with a Rumsfeldian “known unknown” – the question of whether dealing on negotiated industry standard terms could be said to be dealing on “written standard terms” for the purposes of […]

SFTR – beware silver bullets

A consortium of trade bodies yesterday published a statement to assist with SFTR compliance. The Association for Financial Markets in Europe (AFME), FIA, the International Capital Market Association (ICMA), the International Swaps and Derivatives Association, Inc. (ISDA) and the International Securities Lending Association (ISLA) have jointly developed a template which market participants may use to […]

Déjà vu All Over Again as ESMA Discusses SFTR Trade Reporting

On 11 March 2016, as part of its consultations on Level 2 measures under the Securities Financing Transaction Regulation (SFTR), the European Securities and Market Authority (ESMA) published a Discussion Paper incorporating draft Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) on transaction reporting under the SFTR. At 187 pages and posing 145 questions, […]

Merry Christmas! The SFTR Enters into Force on 12 January 2016!!

An early Christmas present arrived on 23 December 2015, when the Securities Financing Transactions Regulation (SFTR) was published in the Official Journal of the EU.  For more details on the SFTR itself, see this blog post. The SFTR enters into force on the 20th day following its publication in the Official Journal of the EU […]

Revised SFTR Published

On 27 November 2015, the EU Council published a revised text of the Securities Financing Transactions Regulation (SFTR).  This follows its publication on 5 November 2015 of the ‘final’ SFTR – as subsequently adopted by the EU Council on 16 November 2015. Fortunately, all of the changes in the revised text – of which there […]

FSB Publishes Final Standards on SFT Data Collection and Aggregation

On 18 November 2015, the Financial Stability Board (FSB) published its final “Standards and processes for global securities financing data collection and aggregation”. The report builds on policy recommendations to address financial stability risks with respect to securities financing transactions (SFTs) published by the FSB in August 2013 and details standards and processes to allow […]

Shadow Banking Update

On 13 November 2015, the FSB published three reports relating to shadow banking. The first, “Transforming Shadow Banking into Resilient Market-based Finance: Regulatory framework for haircuts on non-centrally cleared securities financing transactions” details qualitative methodologies to be used by market participants that provide securities financing to calculate haircuts on collateral received.  It requires that haircuts […]

SFTR Adopted by EU Council

In a press release, the EU Council has today confirmed that it has adopted the Securities Financing Transactions Regulation (SFTR).  This follows the adoption by the EU Parliament which took place on 29 October.  See this blog post for more detail on the SFTR itself. This represents the final stage of the legislative process for […]

Securities Financing Transactions Update

The regulation of Securities Financing Transactions (SFTs) has occupied an increasing number of column inches since the adoption by the EU Parliament on 29 October 2015 of the proposed regulation on “reporting and transparency of securities financing transactions”.  Below are a couple of further updates forming part of the same broad theme. BCBS Consults on […]

Shadow Banking: EU Parliament adopts SFTR

On 29 October 2015, the EU Commission issued a press release confirming that the EU Parliament has adopted the proposed regulation on “reporting and transparency of securities financing transactions” (the “SFTR”).  See this blog post for more information on the SFTR itself. The Commission has also published a fact sheet including “Frequently Asked Questions” on […]

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