October 21, 2021: The ERCC published an updated edition of the ICMA Recommendations for Reporting under SFTR. The ICMA Recommendations were initially published in February 2020 to help members interpret the regulatory reporting framework introduced by SFTR and to set out complementary best practice recommendations which provide additional clarity and address ambiguities in the official guidance. The updated Recommendations reflect recent updates of SFTR validation rules and reporting schemas published by both ESMA and the FCA. Other official guides that were released, in particular ESMA’s Q&As, examine lessons learnt during the first year of SFTR reporting. For ease of comparison, a black-line version was published alongside the Guide which highlights all the changes that were compared to the previous public edition (February 2021). Going forward, the document will continue to evolve with ongoing discussions in the ERCC SFTR Task Force as well as any additional guidance received from regulators.