On 7 October 2022, the FCA updated its webpage on UK SFTR news.
The FCA has updated the webpage by adding a section regarding reporting legal entity identifiers (LEIs) of third country issuers under UK Securities Financing Transactions Regulation (UK SFTR). In this new section the FCA reminds readers that in March it extended a period of forbearance for the reporting of LEIs of third country issuers without an LEI and that this forbearance is due to expire on 13 October 2022. The FCA reports that industry has made some progress in wider LEI coverage but many third country issuers have still not acquired an LEI and that this may impact reporting under the UK SFTR after 13 October 2022. In recognition of this the FCA states that it will not prioritise supervisory action in relation to the reporting of LEIs of third country issuers. The FCA will provide at least six months’ notice to industry should its position change. The FCA remains committed to the widespread adoption of LEIs. It adds that those responsible should report an LEI for third country issuers where one is available and continue to engage with third country issuers to encourage them to acquire an LEI where one is not.