Assessing the impact of the Securities Financing Transactions Regulation

Presented by

Jeremy Jennings-Mares, partner; Peter Green, senior of counsel and; Yiulia Makarova, of counsel - Morrison & Foerster

About this talk

In the wake of the global financial crisis, the Financial Stability Board (FSB), with the support of the G20 nations, launched its Shadow Banking initiative, to monitor non-banks that perform bank-like activities. This was in response to findings that certain non-banks exacerbated the build-up of excessive leverage and effected substantial maturity transformation, leading to financial stability concerns. One of the key recommendations emerging from the FSB initiative was the collation and monitoring by financial stability authorities of data on securities financing transactions. Following the FSB initiative, the Securities Financing Transactions Regulation (SFTR) was introduced in the EU in 2016, but is not yet fully operational. This presentation will cover: •the scope of the SFTR (which entities and which types of transactions are included); •disclosure of SFTs; •transparency of SFTs to fund investors; •restrictions on reuse of collateral; •sanctions; •third country issues; and •effects of Brexit.

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