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The Securities Financing Transaction Regulation (SFTR) is an important part of EU’s efforts to improve the transparency of securities financing transaction markets and consequently also of the banking sector and the broadly understood financial system. The SFTR requires that details of SFTs are to be reported to authorised trade repositories by all market participants, including financial and non-financial counterparties. The SFTR ensures that European supervisory authorities have access to details of securities financing transactions and aims to improve risk monitoring tools, which should improve the safety of the financial markets.
Examples of SFTs:
  • securities lending and borrowing,
  • repo and reverse repo transactions in securities and guaranteed rights,
  • buy-sell-back and sell-buy-back transactions in securities, commodities and guaranteed rights,
  • collateral management transactions.
The definition of securities financing transactions under the SFTR does not include derivatives as defined under EMIR (Regulation No. 648/2012). However, it includes liquidity swaps and collateral swaps, which are not covered by the definition of derivatives under EMIR.

Trade Repository Rules for Securities Financing Transactions, entered into force on 12 December 2019 on the basis of Resolution No. 49/817/19 of the KDPW Supervisory Board of 11 October 2019, published on 27 November 2019 (relating to the mandatory reporting of securities financing transactions from 13 April 2020 onwards)

Terms and conditions of communication with the securities financing transactions trade repository effective as of 29 December 2021;
Amendments coming into force on 29 December 2021:
Resolution No. 1511/2021 of the KDPW Management Board of  14 December 2021
KDPW has updated the Terms and Conditions of communication with the Securities Financing Transactions Trade Repository. In the updated version of the Rules, among others, the provisions concerning the transmission of feedback messages by the Repository system to participants were amended to be more precise and a rule for the transmission of information- sent by KDPW - regarding amendments of the Rules to the e-mail address of a person authorized by a participant to access the SFTR trade repository application was laid down. Please pay attention especially to the provisions regarding the delivery effectiveness of the aforementioned messages and information.

Rules of access to the IT systems of Krajowy Depozyt Papierów Wartościowych, which are incorporated into the terms and conditions of communication with trade repository participants in both services integrated into the single access system – effective upon publication, the obligation to use a trade repository in the services is effective as of 1 April 2020;

Final Report - Technical standards under SFTR and certain amendments to EMIR
Last modified:29-12-2021 Go up