Q39. What other aspects with regards to the UTI have to be clarified? Please detail the reasons for your response.
314. ESMA proposed to align the rules for generating a UTI under SFTR to those applicable for the purpose of reporting under Article 9 of EMIR. The consultation document also included a flowchart representing the process for generating a UTI.
315. The paper also dealt with some specific scenarios which may impact the UTI generation process like the cleared SFTs and the renewal of open term SFTs.
316. Market participants were asked whether other aspects of UTI needed to be clarified.
317. ESMA’s proposal on the alignment with EMIR and the UTI generation waterfall was supported globally, except for three respondents who are of the opinion that in case of securities lending transactions, the collateral taker is better placed than the collateral provider to generate the UTI.
318. The main concern expressed by the respondents is the situation where the entity that is to gener
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