ICMA releases updated version of its Recommendations for Reporting under the SFT Regulation (SFTR)
28 March 2025 The International Capital Market Association (ICMA) releases an updated version of its Recommendations for Reporting under the SFT Regulation (SFTR). This marks the tenth update to the public version of the SFTR Guide since its initial publication in February 2020. Compared to the previous public version, released in April 2023, the latest edition of the Guide introduces a number of further updates and clarifications, including:
- How to report Sponsored Repo and other guaranteed or indemnified repo
- How to report variable-rate repo
- How to report a fixed-term, fixed-rate repo scheduled to pay interest during its term
- Reporting obligations of foreign branches in the UK
- Is a non-EEA asset manager of an EEA AIF reported?
- Where is the Jurisdiction of the Issuer?
- What is the Legal Entity Identifier (LEI) of the Issuer?
- Reporting a pool of security and cash collateral
- Reporting variation margin of sub-portfolios
For context, the ICMA Recommendations for Reporting under SFTR aim to help members interpret the regulatory reporting framework specified by ESMA in the EU and the FCA in the UK and set out complementary best practice recommendations to provide additional clarity and address ambiguities in the official guidance. The document has been developed over the past few years based on extensive feedback from members of the ERCC’s SFTR Task Force, which represents over 150 firms covering the whole spectrum of the market. The Guide is not an alternative to the regulatory texts and the practices set out therein are recommendations only.
A blackline version has been published alongside the Guide, highlighting recent changes. ICMA’s SFTR Recommendations will continue to evolve in response to regulatory guidance as well as the ongoing discussions within the ERCC SFTR Taskforce.
ICMA members also have access to a range of additional best practice documents that complement the Recommendations.
For further information about ICMA’s work in relation to SFTR, please check the main SFTR webpage or contact us.
