Post Brexit UTI Exchange

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Status: Best Practice Finalised, Last Updated: 26/04/2021

Question:
When the Brexit transition period ends on 31 December 2021 there will no longer be a regulatory requirement for UTI exchange between firms where one party is reporting under UK SFTR and the other is reporting under EU SFTR. How should firms approach UTI sharing in this scenario?

Best Practice:
ISLA recommends that the processes already in place to exchange UTIs should continue when the regulatory requirement has ceased after the Brexit transition. However, if there are business reasons for changing current structures then these should be bilaterally agreed with individual counterparties in line with ESMA's UTI waterfall.

For further information on reporting requirements post-Brexit transition, please click here. (SFTR-442)