14 July 2020
- Cecabank, through its Regulatory Reporting as a Service (RRaaS) solution, offers the Spanish and Portuguese financial community its regulatory reporting service. In addition to EMIR and MiFID II regulations, it also covers SFTR requirements
- Many companies are choosing Cecabank's solution to ensure compliance with SFTR requirements
Today, a regulatory requirement came into force, which provides for compulsory reporting of Securities Financing Transactions (Repos, Simultaneous Transactions, Securities Lending and Margin Lending) to a Registry. This comes in accordance with Regulation (EU) 2015/2365 on transparency of securities financing and of re-use, known as SFTR (Securities Financing Transaction Regulation).
This initiative is part of a broad group of measures put forth by the Financial Stability Board after the 2008 crisis. Banks and investment firms, as well as central counterparties and central securities depositaries, are obligated to report all executed Securities Financing Transactions to a Transactions Registry. This Registry will validate them before reconciling and transferring the data to the regulators.
Many companies are choosing Cecabank's solution to ensure compliance with SFTR requirements
In terms of banks and investment companies, these procedures should have started on 13 April. ESMA, in response to the COVID-19 global pandemic, postponed the date to 13 July. Consequently, phases 1 and 2 of the reporting scheme under SFTR were set to overlap.
Cecabank, as a specialist in the analysis, development and implementation of solutions concerning compliance with banking regulations, has expanded the scope of its RRaaS. This way it covers the specific requirements of SFTR. Through a modular, flexible and scalable solution, which already covered the requirements of EMIR and MiFID II. This solution has provided its 15 user entities with a turnkey service that has optimised their reporting process.
In the words of Massimo Salerno, Director of the Treasury Management and Risk Services Centre: "Today was a very important day for Cecabank, marking the culmination of work that began more than 18 months ago. It has involved an in-depth analysis of regulatory requirements, active participation in national and international working groups and dialogue with numerous stakeholders. Thus, from day one, we can provide our users with the solution that best adapts to their needs. Cecabank is proud to make its technological and regulatory know-how available to the Spanish and Portuguese financial community".
