3.

By 13 October 2017, the Commission shall submit a report to the European Parliament and to the Council on progress in international efforts to mitigate the risks associated with SFTs, including the FSB recommendations for haircuts on non-centrally cleared SFTs, and on the appropriateness of those recommendations for Union markets. The Commission shall submit that report together with any appropriate proposals. To that end, ESMA shall, by 13 October 2016, in cooperation with EBA and the ESRB and taking due account of international efforts, submit a report to the Commission, to the European Parliament and to the Council, assessing: whether the use of SFTs leads to the build-up of significant leverage that is not addressed by existing regulation; where appropriate, the options available to tackle such a build-up; whether further measures to reduce the pro-cyclicality of that leverage are required. ESMA’s report shall also consider the quantitative impact of the FSB recommendations.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-12 · Text as adopted (Official Journal); later amendments are not incorporated in this text.