b. The characterisation of securities transactions by commodities is clarified for repo/reverse repo, BSB/SBB and SLB transactions. BSB/SBB commodity transactions can be documented or uns documented. In any case, it is a sale (purchase) and a redemption (resale) of a commodity. In the context of a BSB, there is no set structure. The underlying agreement could make the characterization more obvious than if it is not documented. Within six months of the entry into force of the CSSR until the re-use requirements came into force, counterparties must adapt their security agreements, including derivatives framework and FTS contracts and prime brokerage agreements, to ensure that they meet the new re-use requirements. Although the current UK regime requires prime brokers to disclose to clients the main risks associated with the reuse of their assets, the scope of information required by the RAN may be broader. 2. Where, under the law of that third country, trade repositories authorised in a third country are not subject to a legally binding and enforceable obligation to grant the entities referred to in Article 12(2) direct and immediate access to data, the Commission shall submit to the Council recommendations for the negotiation of international agreements with that third country on reciprocal access to information on securities transactions in trade repositories; established in that third country in order to ensure that all undertakings referred to in Article 12(2) have direct and immediate access to all information necessary for the performance of their tasks. `repurchase transaction` or `repurchase transaction` means a transaction in which a counterparty buys or sells securities, property or secured rights related to the ownership of securities or goods and agrees to sell or redeem, at a given price, securities, goods or such secured rights of the same type at a given time, this operation being a buy-back operation for the counterparty; who buys the securities; the assets or rights guaranteed and a sell-buy-back transaction for the counterparty it sells, such a buy-back or sell-back transaction not being governed by a repurchase transaction or a repurchase transaction within the meaning of point 9; Securities financing transactions (FTTs) are, on the whole, any transaction using securities to borrow cash or vice versa. In practice, these are mainly repurchase agreements (repos), securities lending operations and sale/redemption operations.
In each of these securities, ownership of the securities changes temporarily against cash that temporarily changes ownership. At the end of an SFT, the change of ownership returns, and both counterparties have what they originally owned, more or less a small tax, depending on the purpose of the transaction. . . .