ESMA has recommended that the market regulators in EU Member States combine trade data generated from the Securities Finance Transaction Regulation (SFTR) with local surveillance data and empower tax authorities to catch and indict tax abusers. To the abusers, that is like saying that the Sheriff and Posse are closing in on their SFTR trails. (No kidding. What did they think? So if the abusers haven’t created defenses by this time, it’s already too late.) To the legitimate lenders, it’s like, ok, can I work within these new rules? Institutional lenders will ask, "What effect does it have on my lending income?" Their agents will ask, "What effect will this have on my and career, especially if my firm cannot meet the higher disclosure standards implied by the prospect of tax audits?