On 25 June 2020, the FCA updated its webpage concerning trade repositories (TRs).
The web page covers the following topics:
- Getting registered under UK EMIR.
- Getting registered under UK SFTR.
- What TRs should do now.
- Application to convert ESMA EMIR or ESMA SFTR registration.
- Application to register a new UK legal entity and enter the temporary registration regime under UK EMIR or UK SFTR.
- Application for a new registration.
- List of TRs who intend to operate under UK EMIR in the UK after 31 December 2020.
- List of TRs who intend to operate under UK SFTR in the UK after 31 December 2020.
In terms of what TRs should do now, the FCA explains that TRs should let the FCA know if they intend to offer UK EMIR or UK SFTR services to UK markets from the end of the transition period. TRs should email TRemail@example.com.
In terms of the application to convert ESMA EMIR or ESMA SFTR registration, the web page provides links to the conversion form together with an email address in which to send the completed form with supporting documentation. The FCA also explains that in order to give sufficient time for these notifications to be processed, firms should aim to submit their completed notifications, together with all supporting documentation, by midnight on 4 December 2020. Firms are encouraged to submit draft documentation when they are ready, in good time before this deadline, and work with the FCA to ensure effective management of the notification. The FCA cannot guarantee that notifications submitted after this time, or incomplete notifications, will be processed by 31 December 2020.