Market data, Securities Financing Transactions : Framework for provision of data and follow-up on SFTR data quality issues (DQEF)

5 May 2025 ESMA74-362-2541 Framework for provision of data and follow-up on SFTR data quality issues 1 Background 1. In November 2020 the BoS agreed on the Framework for provision of data and followup on significant data quality issues under EMIR1 (hereinafter, ‘EMIR framework’). This framework operationalises the resolution of significant data quality issues by specifying the responsibilities of ESMA and NCAs, the timelines for the exchange of information between NCAs and ESMA, the format and minimum content of the statistics to be shared by ESMA, the criteria to decide which reporting counterparties and entities responsible for reporting should be addressed as well as the feedback information to be provided by the NCAs. 2. As reported to the BoS2, the targeted activities – such as follow-up under the EMIR framework – allow for achieving a significant improvement in the data quality in an efficient manner by focusing on the major data quality issues and the top worst performing entities contributing to those issues. 3. Based on the positive experience with the EMIR framework, BoS agreed on expanding it and applying also under SFTR3. 4. This note implements the BoS decision by setting out the details of the equivalent framework for SFTR. The proposal follows closely the EMIR framework, with minor adjustments made to account for specificities of SFTR (e.g. availability of the information on entities responsible for reporting). 5. This framework applies to...