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Division

Division B

Institution

Central Bank of Iceland

Subject category

European Economic Area, Financial activities

Date of signature

21 December 2023

Date of publication

28 December 2023

If there is a difference in the layout of the text below and in the PDF document, the PDF document applies.

No. 1560/2023

21 December 2023

RULES

on securities financing transactions.

Article 1. Scope.

These Rules apply to the further implementation of Act No. 41/2023 on securities financing transactions, cf. Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and on reuse (hereinafter SFTR) and Act No. 15/2018 on derivatives, central counterparties and derivative trade repositories, cf. Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (hereinafter EMIR), with regard to:

• Reports on securities financing transactions, pursuant to paragraphs 9 and 10 of Article 4. SFTR.

• Registration of trade repositories, pursuant to paragraphs 7 and 8 of Article 5. SFTR.

• Transparency and accessibility of data held by trade repositories, pursuant to paragraph 3 of Article 12. SFTR.

• Exchange of information with the European Securities and Markets Authority, pursuant to paragraph 4 of Article 25. SFTR.

• Obligation to report, pursuant to paragraph 6 of Article 9. EMIR.

Article 2. References and definitions.

Reinsurance undertaking authorised in accordance with Directive 2009/138/EC: References in these Rules to reinsurance undertakings authorised in accordance with Directive 2009/138/EC mean insurance undertakings authorised to carry on reinsurance business pursuant to Act No. 100/2016 on insurance activities.

Investment firm authorised in accordance with Directive 2004/39/EC of the European Parliament and of the Council: References in these Rules to investment firms authorised in accordance with Directive 2004/39/EC of the European Parliament and of the Council mean securities firms authorised pursuant to Act No. 115/2021 on markets in financial instruments.

Credit institution authorised pursuant to Directive 2013/36/EU: References in these Rules to credit institutions authorised pursuant to Directive 2013/36/EU mean credit institutions authorised pursuant to Act No. 161/2002 on financial undertakings.

Life insurance undertaking authorised pursuant to Directive 2002/83/EC: References in these Rules to life insurance undertakings authorised pursuant to Directive 2002/83/EC mean life insurance undertakings authorised pursuant to Act No. 100/2016 on insurance activities.

Accounts and accounting standards pursuant to Regulation (EC) 1606/2002 and Directive 2006/43/EC: References to accounts and accounting standards pursuant to Regulation (EC) No. 1606/2002 or Directive 2006/43/EC mean accounts and accounting standards pursuant to Act No. 3/2006 on annual accounts.

Alternative investment fund pursuant to Directive 2011/61/EU: References in these Rules to alternative investment funds pursuant to Directive 2011/61/EU mean alternative investment funds pursuant to Act No. 45/2020 on managers of alternative investment funds.

Occupational pension institution: References in these Rules to occupational pension institutions in Directive 2003/41/EC mean occupational pension funds pursuant to Act No. 78/2007 on occupational pension funds.

Offeror pursuant to Directive 2004/25/EC: References in these Rules to offerors pursuant to Directive 2004/25/EC mean offerors pursuant to Act No. 108/2007 on takeovers.

Undertaking for collective investment pursuant to Directive 2009/65/EC: References in these Rules to undertakings for collective investment pursuant to Directive 2009/65/EC mean undertakings for collective investment pursuant to Act No. 116/2021 on securities funds.

Insurance undertaking authorised pursuant to Directive 2009/138/EC: References in these Rules to insurance undertakings authorised pursuant to Directive 2009/138/EC mean insurance undertakings authorised pursuant to Act No. 100/2016 on insurance activities.

Securities firm authorised pursuant to Directive 2014/65/EU: References in these Rules to securities firms authorised pursuant to Directive 2014/65/EU mean securities firms authorised pursuant to Act No. 115/2021 on markets in financial instruments.

Securities fund pursuant to Directive 2009/65/EC: References in these Rules to securities funds pursuant to Directive 2009/65/EC mean securities funds pursuant to Act No. 116/2021 on securities funds.

Competent authority pursuant to Directive 2004/25/EC: References in these Rules to the competent authority pursuant to Directive 2004/25/EC mean the Central Bank of Iceland, cf. Act No. 108/2007 on takeovers.

Article 3. Implementation of regulations.

With these Rules, the following Commission Regulations (EU) enter into force in this country, published in the EEA Supplement to the Official Journal of the European Union No. 83 of 16 November 2023, pages 1-57 and 69-117, with the adaptations resulting from Joint Committee Decision No. 386/2021 of 10 December 2021, published in an annex to these Rules, cf. also Joint Committee Note 1 on the comprehensive adaptation to the Agreement on the European Economic Area, cf. Act on the European Economic Area, No. 2/1993, where the note is enacted:

• Commission Regulation (EU) 2019/356 of 13 December 2018 amending Regulation (EU) 2015/2365 of the European Parliament and of the Council as regards the technical regulatory standards specifying the information to be provided to trade repositories on securities financing transactions.

• Commission Regulation (EU) 2019/357 of 13 December 2018 amending Regulation (EU) 2015/2365 of the European Parliament and of the Council as regards the technical regulatory standards on access to information in trade repositories on securities financing transactions.

• Implementing Regulation (EU) 2019/358 of 13 December 2018 supplementing Regulation (EU) 2015/2365 of the European Parliament and of the Council as regards the technical supervisory standards for the collection, verification, compilation, comparison and publication of trade repository data on securities financing transactions.

• Implementing Regulation (EU) 2019/359 of 13 December 2018 supplementing Regulation (EU) No 2015/2365 of the European Parliament and of the Council as regards the technical supervisory standards specifying the information to be included in the application for registration and renewal of registration as a trade repository.

• Implementing Regulation (EU) 2019/363 of 13 December 2018 laying down implementing technical standards on the templates and frequency of reports on information on securities financing transactions to trade repositories in accordance with Regulation (EU) 2015/2365 of the European Parliament and of the Council and amending Implementing Regulation (EU) No 1247/2012 as regards the use of reporting codes for reporting on derivative contracts.

• Implementing Regulation (EU) 2019/364 of 13 December 2018 laying down implementing technical standards on the format of applications for registration and renewal of registration of trade repositories in accordance with Regulation (EU) 2015/2365 of the European Parliament and of the Council.

• Implementing Regulation (EU) 2019/365 of 13 December 2018 laying down implementing technical standards on the procedures and forms for the exchange of information on sanctions, measures and investigations in accordance with Regulation (EU) 2015/2365 of the European Parliament and of the Council.

Article 4. Entry into force.

These Rules, which are made pursuant to points 1-3 and 6 of paragraph 2 of Article 17 of Act No. 41/2023 on securities financing transactions and point 5 of paragraph 2 of Article 15 of Act No. 15/2018 on derivative transactions, central counterparties and derivative trade repositories, enter into force on 1 January 2024.

Central Bank of Iceland, 21 December 2023.

	Ásgeir Jónsson	Linda Kolbrún Björgvinsdóttir
	Governor.	Managing Director.

ANNEX (see PDF document)

B section - Date of publication: 28 December 2023