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Sustainable Finance Disclosure Reporting (SFDR)
SFDR (Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector) will come into effect on 10 March 2021. At this time, certain firms including credit institution providing portfolio management services will need to be compliant with several requirements of the regulation, inter alia:
- Article 3 – Transparency of sustainability risk policies -- imposes an obligation on financial market participants (FMPs) to “publish on their websites information about their policies on the integration of sustainability risks in their investment decision-making process”.
- Article 5 – Transparency of how remuneration policies are consistent sustainability risk integration.
- Article 6 - Transparency of the integration of sustainability risks.
SFDR only applies to Securities Finance Cash Re-Investment as these are portfolio management activities and our SSGA business more broadly.
For further information on SSGA SFDR disclosures please refer to the following links:
https://www.ssga.com/uk/en_gb/institutional/cash/fund-finder
What is MiFID?
On 3 January 2018 a material part of the German implementation act on the revised Directive on Markets in Financial Instruments II (MiFID II) and the accompanying regulations entered into force. Compared to MIFID I, the new directive MiFID II contains a large number of new rules on trading in financial instruments. This includes overarching issues relating to financial market infrastructure, for example the regulation of trading venues, as well as revised regulations for financial market participants regarding the distribution of financial instruments to investors.
MiFID II is complemented by the Markets in Financial Instruments Regulation (MiFIR) which is directly applicable and focuses on market transparency of transactions in financial instruments.
In Germany, MiFID II was transposed into national law by the Second Financial Markets Amendment Act (Zweites Finanzmarktnovellierungsgesetz – 2nd FiMaNoG). The 2nd FiMaNoG contains extensive amendments in particular to the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG), as well as to other regulatory frameworks, such as the German Stock Exchange Act (Börsengesetz – BörsG) and the German Banking Act (Kreditwesengesetz – KWG).
Downloads
Order Execution Policies
Order Execution Policy Global Markets, January 2025
Order Execution Policy Global Delivery Germany, October 2024
RTS 28 Disclosures
Global Delivery
Fund Order Services Germany RTS 28 Disclosure 2024
Agent Fund Trading Germany RTS 28 Disclosure 2023
Cash Sweep Service Germany RTS 28 Disclosure 2024
Cash Sweep Service Germany RTS 28 Disclosure 2023
Currency Management
Currency Management RTS-28 Disclosure 2024
Currency Management RTS-28 Disclosure 2023
Currency Management RTS-28 Disclosure 2022
Currency Management RTS-28 Disclosure 2021
Currency Management RTS-28 Disclosure 2020
Currency Management RTS-28 Disclosure 2019
Fund Connect
State Street Bank International GmbH, March 2025 (PDF)
State Street Bank International GmbH, March 2024 (PDF)
State Street Bank International GmbH, March 2023 (PDF)
State Street Bank International GmbH, March 2022 (PDF)
Securities Finance
State Street Bank International GmbH, April 2025 (PDF)
State Street Bank International GmBH, April 2025 (CSV)
State Street Bank International GmbH, April 2024 (PDF)
State Street Bank International GmBH, April 2024 (CSV)
Conflicts of Interest Information
Summary of the Conflicts of Interest Policy, Germany, November 2023
Foreign Exchange
MiFIR/MiFID II requires for investment firms and systematic internalisers to make pre-trade, post-trade, RTS27 and RTS28 data public. For its Foreign Exchange business, State Street Bank and Trust Company, London branch, State Street Bank International GmbH, London branch and State Street Bank International GmBH, Frankfurt make such data available on http://www.traxapa.com