On 23 June 2020, the FCA updated its web page on the Securities Financing Transactions Regulation (SFTR) referring to the recent government announcement that the UK will not be implementing the SFTR reporting obligation for non-financial counterparties (NFCs). As a result the FCA will not require NFCs established in the UK to put in place arrangements to meet the reporting obligation under the onshored UK SFTR regime.  This approach is subject to any further statements that may be issued by HM Treasury or the FCA.