ESMA has published a discussion paper on RTS and ITS under the SFT Regulation as part of ESMA’s consultation on the Level 2 measures. Section 2 of the paper explains in detail the background to the proposals for the SFT Regulation. ESMA will consider the feedback it receives to the discussion paper and intends to publish a consultation paper early in the third quarter of 2016. The final report and draft technical standards will be submitted to the European Commission for endorsement by 13 January 2017. Comments are invited by 22 April 2016.