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The drivers behind the reporting obligations of EMIR, MiFIR and SFTR
The 2008 financial crisis revealed a lack of transparency in certain financial markets and consequently the need to improve their monitoring and regulation. This includes over-the-counter (OTC) derivatives and securities financing markets, both of which proved to be opaque and subject to ineffective supervision. As a result, the G20 called for more transparency for regulators, but also for market participants and the public, especially in the area of over-the-counter (OTC) derivatives and securities financing transactions (SFTs). These reforms came on top of the existing reporting requirements in the European Union (EU), mainly under the Markets in Financial Instruments Directive (MiFID), which requires the reporting of transactions on financial instruments admitted to trading on a regulated market. This paper shows how G20 commitments have been or are being implemented in the EU, bringing transparency to OTC derivatives, securities financial markets and other financial transactions alike. It also analyses how EU legislation is calibrated to avoid duplicative requirements to the extent feasible.
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