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Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 (Text with EEA relevance)

Type Regulation
Publication 2015-12-23
Last updated 2024-01-09
State In force
Department Council of the European Union, European Parliament
Source EUR-Lex
articles 34
Reform history JSON API
  • (3) In Article 81, paragraph 3 is replaced by the following: ‘3. A trade repository shall make the necessary information available to the following entities to enable them to fulfil their respective responsibilities and mandates: (a) ESMA; (b) EBA; (c) EIOPA; (d) the ESRB; (e) the competent authority supervising CCPs accessing the trade repositories; (f) the competent authority supervising the trading venues of the reported contracts; (g) the relevant members of the ESCB, including the ECB in carrying out its tasks within a single supervisory mechanism under Council Regulation (EU) No 1024/2013 ([^E0015]); (h) the relevant authorities of a third country that has entered into an international agreement with the Union as referred to in Article 75; (i) supervisory authorities designated under Article 4 of Directive 2004/25/EC of the European Parliament and of the Council ([^E0016]); (j) the relevant Union securities and market authorities whose respective supervisory responsibilities and mandates cover contracts, markets, participants and underlyings which fall within the scope of this Regulation; (k) the relevant authorities of a third country that have entered into a cooperation arrangement with ESMA, as referred to in Article 76; (l) the Agency for the Cooperation of Energy Regulators established by Regulation (EC) No 713/2009 of the European Parliament and of the Council ([^E0017]); (m) the resolution authorities designated under Article 3 of Directive 2014/59/EU of the European Parliament and the Council ([^E0018]); (n) the Single Resolution Board established by Regulation (EU) No 806/2014; (o) competent authorities or national competent authorities within the meaning of Regulations (EU) No 1024/2013 and (EU) No 909/2014 and of Directives 2003/41/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU and, 2014/65/EU, and supervisory authorities within the meaning of Directive 2009/138/EC; (p) the competent authorities designated in accordance with Article 10(5) of this Regulation.

Article 32a

Accessibility of information on the European single access point
1.

From 10 January 2030, when making public any information referred to in Article 12(1) of this Regulation, trade repositories shall submit that information at the same time to the relevant collection body referred to in paragraph 3 of this Article for the purpose of making it accessible on the European single access point (ESAP) established under Regulation (EU) 2023/2859 of the European Parliament and of the Council ([^E0019]).

That information shall comply with the following requirements:

  • (a) be submitted in a data extractable format as defined in Article 2, point (3), of Regulation (EU) 2023/2859 or, where required by Union law, in a machine-readable format, as defined in Article 2, point (4), of that Regulation;
  • (b) be accompanied by the following metadata:
  • (i) all the names of the trade repository to which the information relates;
  • (ii) the legal entity identifier of the trade repository, as specified pursuant to Article 7(4), point (b), of Regulation (EU) 2023/2859;
  • (iii) the size of the trade repository by category, as specified pursuant to Article 7(4), point (d), of that Regulation;
  • (iv) the type of information, as classified pursuant to Article 7(4), point (c), of that Regulation;
  • (v) an indication of whether the information contains personal data.
2.

For the purposes of paragraph 1, point (b)(ii), trade repositories shall obtain a legal entity identifier.

3.

For the purpose of making the information referred to in paragraph 1 of this Article accessible on ESAP, the collection body as defined in Article 2, point (2), of Regulation (EU) 2023/2859 shall be ESMA.

4.

From 10 January 2030, the information referred to in Article 22(4), point (b), Article 25(3) and Article 26(1) and (4) of this Regulation shall be made accessible on ESAP. For that purpose, the collection body as defined in Article 2, point (2), of Regulation (EU) 2023/2859 shall be the competent authority.

That information shall comply with the following requirements:

  • (a) be submitted in a data extractable format as defined in Article 2, point (3), of Regulation (EU) 2023/2859;
  • (b) be accompanied by the following metadata:
  • (i) all the names of the person to which the information relates;
  • (ii) where available, the legal entity identifier of the person, as specified pursuant to Article 7(4), point (b), of Regulation (EU) 2023/2859;
  • (iii) the type of information, as classified pursuant to Article 7(4), point (c), of that Regulation;
  • (iv) an indication of whether the information contains personal data.
5.

From 10 January 2030, the information referred to in Article 8(3), Article 19(8), Article 25(1), second sentence, and Article 25(2), second sentence, of this Regulation shall be made accessible on ESAP. For that purpose, the collection body as defined in Article 2, point (2), of Regulation (EU) 2023/2859 shall be ESMA.

That information shall comply with the following requirements:

  • (a) be submitted in a data extractable format, as defined in Article 2, point (3), of Regulation (EU) 2023/2859;
  • (b) be accompanied by the following metadata:
  • (i) all the names of the trade repository to which the information relates;
  • (ii) where available, the legal entity identifier of the trade repository, as specified pursuant to Article 7(4), point (b), of Regulation (EU) 2023/2859;
  • (iii) the type of information, as classified pursuant to Article 7(4), point (c), of that Regulation;
  • (iv) an indication of whether the information contains personal data.
6.

For the purpose of ensuring the efficient collection and management of information submitted in accordance with paragraph 1, ESMA shall develop draft implementing technical standards to specify:

  • (a) any other metadata to accompany the information;
  • (b) the structuring of data in the information;
  • (c) for which information a machine-readable format is required and, in such cases, which machine-readable format is to be used.

For the purposes of point (c), ESMA shall assess the advantages and disadvantages of different machine-readable formats and conduct appropriate field tests for that purpose.

ESMA shall submit those draft implementing technical standards to the Commission.

Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.

7.

Where necessary, ESMA shall adopt guidelines to ensure that the metadata submitted in accordance with paragraph 6, first subparagraph, point (a), are correct.

Article 33

Entry into force and application
1.

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

2.

This Regulation shall apply from 12 January 2016, with the exception of:

  • (a) Article 4(1), which shall apply:
  • (i) 12 months after the date of entry into force of the delegated act adopted by the Commission pursuant to Article 4(9) for financial counterparties referred to in points (3)(a) and (b) of Article 3 and third-country entities referred to in point (3)(i) of Article 3 which would require authorisation or registration in accordance with the legislation referred to in points (3)(a) and (b) of Article 3 if they were established in the Union;
  • (ii) 15 months after the date of entry into force of the delegated act adopted by the Commission pursuant to Article 4(9) for financial counterparties referred to in points (3)(g) and (h) of Article 3 and third-country entities referred to in point (3)(i) of Article 3 which would require authorisation or registration in accordance with the legislation referred to in points (3)(g) and (h) of Article 3 if they were established in the Union;
  • (iii) 18 months after the date of entry into force of the delegated act adopted by the Commission pursuant to Article 4(9) for financial counterparties referred to in points (3)(c) to (f) of Article 3 and third-country entities referred to point (3)(i) of Article 3 which would require authorisation or registration in accordance with the legislation referred to in points (3)(c) to (f) of Article 3 if they were established in the Union; and
  • (iv) 21 months after the date of entry into force of the delegated act adopted by the Commission pursuant to Article 4(9) for non-financial counterparties;
  • (b) Article 13, which shall apply from 13 January 2017;
  • (c) Article 14, which shall apply from 13 July 2017 in the case of collective investment undertakings subject to Directive 2009/65/EC or Directive 2011/61/EU that are constituted before 12 January 2016;
  • (d) Article 15, which shall apply from 13 July 2016, including for collateral arrangements existing on that date.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

ANNEX

Section A –   Information to be provided in the UCITS half-yearly and annual reports and the AIF’s annual report

Global data:

  • — The amount of securities and commodities on loan as a proportion of total lendable assets defined as excluding cash and cash equivalents;
  • — The amount of assets engaged in each type of SFTs and total return swaps expressed as an absolute amount (in the collective investment undertaking’s currency) and as a proportion of the collective investment undertaking’s assets under management (AUM).

Concentration data:

  • — Ten largest collateral issuers across all SFTs and total return swaps (break down of volumes of the collateral securities and commodities received per issuer’s name);
  • — Top 10 counterparties of each type of SFTs and total return swaps separately (Name of counterparty and gross volume of outstanding transactions).

Aggregate transaction data for each type of SFTs and total return swaps separately to be broken down according to the below categories:

  • — Type and quality of collateral;
  • — Maturity tenor of the collateral broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open maturity;
  • — Currency of the collateral;
  • — Maturity tenor of the SFTs and total return swaps broken down in the following maturity buckets: less than one day, one day to one week, one week to one month, one to three months, three months to one year, above one year, open transactions;
  • — Country in which the counterparties are established;
  • — Settlement and clearing (e.g., tri-party, Central Counterparty, bilateral).

Data on reuse of collateral:

  • — Share of collateral received that is reused, compared to the maximum amount specified in the prospectus or in the disclosure to investors;
  • — Cash collateral reinvestment returns to the collective investment undertaking.

Safekeeping of collateral received by the collective investment undertaking as part of SFTs and total return swaps:

Number and names of custodians and the amount of collateral assets safe-kept by each of the custodians

Safekeeping of collateral granted by the collective investment undertaking as part of SFTs and total return swaps:

The proportion of collateral held in segregated accounts or in pooled accounts, or in any other accounts

Data on return and cost for each type of SFTs and total return swaps broken down between the collective investment undertaking, the manager of the collective investment undertaking and third parties (e.g. agent lender) in absolute terms and as a percentage of overall returns generated by that type of SFTs and total return swaps

Section B –   Information to be included in the UCITS Prospectus and AIF disclosure to investors:

  • — General description of the SFTs and total return swaps used by the collective investment undertaking and the rationale for their use.
  • — Overall data to be reported for each type of SFTs and total return swaps — Types of assets that can be subject to them — Maximum proportion of AUM that can be subject to them — Expected proportion of AUM that will be subject to each of them.
  • — Criteria used to select counterparties (including legal status, country of origin, minimum credit rating).
  • — Acceptable collateral: description of acceptable collateral with regard to asset types, issuer, maturity, liquidity as well as the collateral diversification and correlation policies.
  • — Collateral valuation: description of the collateral valuation methodology used and its rationale, and whether daily mark-to-market and daily variation margins are used.
  • — Risk management: description of the risks linked to SFTs and total return swaps as well as risks linked to collateral management, such as operational, liquidity, counterparty, custody and legal risks and, where applicable, the risks arising from its reuse.
  • — Specification of how assets subject to SFTs and total return swaps and collateral received are safe-kept (e.g. with fund custodian).
  • — Specification of any restrictions (regulatory or self-imposed) on reuse of collateral.
  • — Policy on sharing of return generated by SFTs and total return swaps: description of the proportions of the revenue generated by SFTs and total return swaps that is returned to the collective investment undertaking, and of the costs and fees assigned to the manager or third parties (e.g. the agent lender). The prospectus or disclosure to investors shall also indicate if these are related parties to the manager.

[^E0001]: Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).

[^E0002]: Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338).

[^E0003]: Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1).

[^E0004]: Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision (OJ L 235, 23.9.2003, p. 10).

[^E0005]: Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).

[^E0006]: Commission Regulation (EC) No 1287/2006 of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards recordkeeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purposes of that Directive (OJ L 241, 2.9.2006, p. 1).

[^E0007]: Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).

[^E0008]: Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids (OJ L 142, 30.4.2004, p. 12).

[^E0009]: Regulation (EC) No 713/2009 of the European Parliament and of the Council of 13 July 2009 establishing an Agency for the Cooperation of Energy Regulators (OJ L 211, 14.8.2009, p. 1).

[^E0010]: Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).

[^E0011]: Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1).

[^E0012]: Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 (OJ L 022, 22.1.2021, p. 1).

[^E0013]: Commission Decision 2001/528/EC of 6 June 2001 establishing the European Securities Committee (OJ L 191, 13.7.2001, p. 45).

[^E0014]: Regulation (EU) No 182/2011 of the European Parliament and of the Council of 16 February 2011 laying down the rules and general principles concerning mechanisms for control by Member States of the Commission’s exercise of implementing powers (OJ L 55, 28.2.2011, p. 13).

[^E0015]: Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).

[^E0016]: Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids (OJ L 142, 30.4.2004, p. 12).

[^E0017]: Regulation (EC) No 713/2009 of the European Parliament and of the Council of 13 July 2009 establishing an Agency for the Cooperation of Energy Regulators (OJ L 211, 14.8.2009, p. 1).

[^E0018]: Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).’.

[^E0019]: Regulation (EU) 2023/2859 of the European Parliament and of the Council of 13 December 2023 establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability (OJ L, 2023/2859, 20.12.2023, ELI: http://data.europa.eu/eli/reg/2023/2859/oj).

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