In January 2014, the European Commission issued a Proposal for a Regulation on reporting and transparency of securities financing transactions (SFTs). The proposed regulation lays down EMIR-like rules on the reporting of SFTs to trade repositories, additional transparency requirements the use of SFTs by investment funds, and minimum conditions to be met when financial instruments are rehypothecated.
In March 2014, the European Securities and Markets Authority (ESMA) issued its Report entitled Revision of the provisions on diversification of collateral in ESMA’s Guidelines on ETFs and other UCITS issues. The report introduces more flexible rules on the diversification of collateral received in the context of over-the-counter (OTC) financial derivatives transactions and efficient portfolio management (EPM) techniques.
At the European Council meeting of 20th and 21st March, 2014, Luxembourg and the 27 other EU Member States came to a political agreement on the text of the directive amending the European Union Savings Tax Directive (Savings Directive).