The Discussion Paper sets out proposals for implementing the reporting framework under the SFTR, the European Union's response to the global initiative to bring more transparency to shadow banking activities. The reporting framework provides for the inclusion of composition of collateral, whether the collateral is available for reuse, substitution of collateral and haircuts applied. The ESMA seeks responses from all stakeholders by 22 April 2016. ESMA will then use the responses to the discussion paper to develop detailed rules on which it will publish a follow-up consultation in the second half of 2016.