The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 have been published, which implement in part the SFT Regulation and which come into force on 13 July 2016, being the date on which the first substantive provisions of the SFT Regulation take effect. The Regulations provide for regulators to be able to: (i) direct or require a counterparty to cease conduct resulting in a breach of an SFT Regulation; (ii) impose financial penalties; (iii) publicly censure a counterparty for breach of an SFT Regulation requirement; and (iv) temporarily prohibit a person responsible for breach of an SFT Regulation requirement from being concerned in the management of a counterparty. The Regulations also introduce a criminal penalty for misleading the regulator.