NFC Reporting - UK SFTR

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Status: Best Practice Finalised, Last Updated: 28/09/2021

Question:
How should transactions with non-financial counterparties (NFCs) be reported under UK SFTR?

Best Practice:
In a written ministerial statement , the UK government confirmed that, as part of its onshoring process for SFTR, the UK will not implement the EU SFTR reporting obligation for NFCs.

Therefore, SFTs undertaken by UK participants with NFCs, will be reported as single sided under the UK SFTR regime. The reporting requirement for EU SFTR is unchanged, more information here.

For UK SFTR, Field 2.05 (Nature of the Reporting Counterparty) has been removed from the validation rules template. (SFTR-450)