Circular CSSF 21/770 is a CSSF circular, published 13 April 2021 and updated 14 April 2021. Subject: ESMA guidelines on the reporting under Articles 4 and 12 SFTR.
\nRelevant for: AIFMs, AISPs, Central Securities Depositories (CSDs), Credit institutions, Data Reporting Service Providers (DRSPs), E-money institutions, Investment firms, Investment fund managers, Investment funds and vehicles, Management companies - Chapter 15, Management companies - Chapter 16, Mortgage credit intermediaries, Other specific authorisations, registrations and information, Part II UCIs, Payment institutions, Payment institutions/electronic money institutions/AISPs, Pension funds, Securitisation undertakings, SICARs, SIFs, Specialised PFS, Support PFS, UCITS, Virtual asset service providers (VASPs).
\nMain topic: SFTR.
\nCircular CSSF 21/770 RE: ESMA Guidelines on the Reporting under Articles 4 and 12 SFTR
\nLuxembourg, 13 April 2021
\nLadies and Gentleman, We draw your attention to the publication of an amended version of the ESMA
\nTo all entities subject to the
\n“Guidelines on the Reporting under Articles 4 and 12 SFTR (Ref. ESMA-70-151-
\nsupervision of the CSSF and to
\n2838)” (hereafter the “Guidelines”), on 29 March 2021.
\nall non-financial counterparties to securities financing transactions as defined in
\nThe Guidelines are now also available in their translated versions on the ESMA website Guidelines on Reporting Under SFTR (europa.eu)
\nArticle 3 of Regulation (EU)
\nGiven that the CSSF had integrated the initial version of those Guidelines into
\n2015/2365 (SFTR)
\nits administrative practices and regulatory approach with a view to promoting supervisory convergence in this field at European level, with effect on 9 April 2020, the purpose of this present circular is to integrate the amended version of the Guidelines into the CSSF administrative practices and regulatory approach. The amendments introduced in the Guidelines relate notably to: •
\nReporting of collateral for margin lending (paragraph 49, 310 and 329)
\nEvent date vis-à-vis maturity date (paragraph 86)
\nUpdate to tables 31 and 47
\nUpdate to cross-reference to table 66 (instead of 73) in paragraph 269
\nAlign paragraph 290 with table 68
\nAlign paragraph 326 with table 79
\nAmend paragraph 373 c to indicate the correct flow of collateral
\nAmend paragraph 385 to align with the RTS and update Table 99 accordingly
\nAmend Table 120 to align with the xml schema
\nSubstitute “derivatives” with SFTs in paragraph 476
\nThe amended version of the Guidelines is attached to this circular and is available on ESMA’s website https://www.esma.europa.eu/. This circular enters into force on the day of its publication.
\nFrançoise KAUTHEN
\nClaude MARX
\nGuidelines Reporting under Articles 4 and 12 SFTR
\n29/03/2021 | ESMA70-151-2838 EN
\nESMA REGULAR USE
\nTable of Contents 1
\nLegislative references, abbreviations and definitions ......................................................... 6
\nScope ................................................................................................................................ 7
\nPurpose............................................................................................................................. 8
\nGeneral Principles ............................................................................................................. 8 4.1
\nReporting start date .................................................................................................... 8
\n4.2
\nDetermining the number of reportable SFTs ............................................................... 9 Market transactions that do not fall under the definition of an SFT ...................... 9 Aspects related to all types of SFTs .................................................................... 9 Aspects related to repos.................................................................................... 10 Aspects related to BSB/SBB ............................................................................. 11 Aspects related to securities lending and borrowing .......................................... 11 Aspects related to SFTs involving commodities................................................. 12 Aspects related to margin lending ..................................................................... 13
\n4.3
\nReporting of CCP-cleared SFTs ...............................................................................
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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