The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has issued a revised version of its March 19 Public Statement on co-ordinated supervisory actions on the application of Securities Finance Transactions Regulation (SFTR).

The revised statement clarifies that SFTs concluded between April 13 2020 and July 13 2020 and SFTs subject to backloading under SFTR also fall within those issues in respect of which competent authorities are not expected to prioritize in their supervisory actions towards counterparties, entities responsible for reporting and investment firms in respect of their reporting obligations under SFTR or MiFIR and to generally apply their risk-based approach in the exercise of supervisory powers in their day-to-day enforcement of applicable legislation in this area in a proportionate manner.

ESMA says it has updated its statement in response to feedback received from financial market participants and stakeholders.

ESMA adds that it continues monitoring closely the implementation by the relevant market participants as well as the impact of the relevant measures taken with regards to COVID-19 to ensure alignment of SFT reporting requirements and supervisory practices in the EU.

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The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has issued a revised version of its March 19 Public Statement on co-ordinated supervisory actions on the application of Securities Finance Transactions Regulation (SFTR).

The revised statement clarifies that SFTs concluded between April 13 2020 and July 13 2020 and SFTs subject to backloading under SFTR also fall within those issues in respect of which competent authorities are not expected to prioritize in their supervisory actions towards counterparties, entities responsible for reporting and investment firms in respect of their reporting obligations under SFTR or MiFIR and to generally apply their risk-based approach in the exercise of supervisory powers in their day-to-day enforcement of applicable legislation in this area in a proportionate manner.

ESMA says it has updated its statement in response to feedback received from financial market participants and stakeholders.

ESMA adds that it continues monitoring closely the implementation by the relevant market participants as well as the impact of the relevant measures taken with regards to COVID-19 to ensure alignment of SFT reporting requirements and supervisory practices in the EU.