On Aug. 1, UK FCA published draft amendments to validation rules.
UK FCA published draft amendments to the Validation Rules and XML schemas to support the ongoing reporting of securities financing transactions under the UK SFTR.
Follows UK FCA Apr. 2021 extended non-EEA 3rd country issuer reports, see #102472.
Amendment Overview
Under the UK Securities Financing Transactions Regulation (UK SFTR) reporting is required and amendments are in response to industry feedback and for data quality.
To allow firms adequate time to make relevant systems updates UK FCA proposes a go-live date for amended Validation Rules and XML schemas to come in Nov. 4, 2024.
UK FCA invites comments on documents, from relevant stakeholders by Sep. 15, 2023.
Oct. 23, 2023 Final UK SFTR Validation Rules
On Oct. 23, 2023, UK FCA issued final UK SFTR validation rules and XML schemas.
After consideration of stakeholder feedback regulator made minor amendments to the draft versions, description of these can be found in the changes tab of the final rules.
FCA's UK SFTR reporting page contains the final rules and the XML schemas for incoming messages and outgoing messages, all are applicable from Nov. 25, 2023.
FCA also issued new UK SFTR errors and omissions form, going forward expects firms to use the new form to notify FCA of any errors or omissions in their SFTR reports.
Firms expected to notify as soon as practicably possible after identification of issues.
Aug. 2024 Document Update
On Aug. 22, 2024, UK FCA issued document update regarding SFTR message files.
