July 8, 2020

Volume X, Number 190

July 07, 2020

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July 06, 2020

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ESMA Clarifies Reporting of Repos With EU Central Banks Under MiFIR

On May 21, the International Capital Market Association (ICMA) published a response received from the European Securities and Markets Authority (ESMA) in relation to proposals for reporting of central bank repurchase transactions (Repos) under the Market in Financial Instruments Regulation (MiFIR) (the Response).

The key points of ESMA’s Response include:

  1. collateral should be reported, not the Repo itself;

  2. Repos with multiple collateral securities should be reported as a complex trade;

  3. where the collateral allocation is only available after the T+1 reporting deadline, EU financial regulators can assess whether the delay is justified; and

  4. pledge-based Repos must be reported.

The Response is available here.

©2020 Katten Muchin Rosenman LLPNational Law Review, Volume X, Number 150

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About this Author

Carolyn H. Jackson, International Attorney, Katten Muchin law firm
Partner

Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.

Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws...

+44 0 20 7776 7625
Nathaniel Lalone, Katten Muchin Law Firm, Financial Institutions Attorney
Senior Associate

Nathaniel Lalone, a partner at Katten Muchin Rosenman UK LLP, has a broad range of experience in the regulation of financial products and financial markets, and frequently provides regulatory and compliance advice to trading venues, clearing houses and buy-side firms active in the over-the-counter (OTC) derivatives, futures and securities markets. He is actively involved in advising clients on the implementation of MiFID 2 and MiFIR in the European Union as well as the international reach of US financial services regulation. He also has significant experience with structuring and documentation relating to OTC derivatives and structured products.

Prior to joining Katten, Nathaniel was a member of the US Regulatory and the Derivatives and Structured Finance practices at Allen & Overy LLP.

+44 0 20 7776 7629
Neil Robson, private equity fund managers counselor, Katten Law Firm, London
Partner

Neil Robson, a regulatory and compliance partner with Katten Muchin Rosenman LLP, focuses his practice on counseling hedge and private equity fund managers and other investment advisers on operational, regulatory and compliance issues. He regularly addresses Financial Conduct Authority (FCA) and EU authorization and compliance under both the EU Alternative Investment Fund Managers Directive (AIFM Directive) and MiFID, cross-border issues in the financial services sector, market abuse, anti-money laundering and regulatory capital requirements, formations and buyouts of...

44-0-20-7776-7666