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Response>

Status: Under Review, Last Updated: 06/10/2020

Response
On receipt of a notification, the receiving party should provide an acknowledgement (ACK) within an hour in support of the one-hour timestamp SFTR validation rule.

See SFTR 'Execution Timestamp' (IBP-135)

Vendors>

Status: For Review, Last Updated: 28/01/2022

Vendors
The use of vendor platforms or other automated processes are recommended where possible for trade notifications between parties. In either case, it is strongly recommended that counterparts notify each other of the preferred platform, and any related functionality that may be associated with it (e.g. timings, formats, etc.).

Functional features may include loan and/or collateral reconciliation, trade notification(s) and regulatory reporting obligations.

Counterparties should adopt a procedure to both notify of any change and reconcile these preferred functions/limitation on a regular basis to avoid any disruptions to communication. (IBP-136)