It has been the legislators’ intention that SFTR leverages substantially on key aspects of EMIR such as, among others, the establishment of the reporting obligation, the registration requirements for TRs and the establishment of levels of access to data, building on the sufficiency of some of the controls in place for the already registered TRs. In order to ensure equivalent conditions of competition and international convergence, SFTR follows the FSB Policy Framework and creates a Union framework under which details of SFTs can be efficiently reported to trade repositories (TRs) and information on SFTs and total return swaps is disclosed to investors in collective investment undertakings. The Regulation was published in the Official Journal of the European Union on 23 December 2015. SFTR responds to the need to enhance the transparency of securities financing markets and thus of the financial system.
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