The European Market Infrastructure Regulation (EMIR) is introducing wholesale changes to the reporting of derivatives transactions that require action for all parties involved, from financial institutions, software providers and trade repositories, to improve the current process to remain compliant under the EMIR regulation.
The regulator, the European Securities and Markets Authority (ESMA), has now published the technical standards on reporting, data quality, data access and registration of Trade Repositories under EMIR REFIT. The main drivers of EMIR REFIT are to:
The scope of EMIR REFIT includes changes to Client Submissions, Reconciliations, Processes and Data Access
There are significant changes to the data, currently required to report successfully under EMIR. Changes include new fields, field updates and the removal of fields that are no longer fit for purpose.
Planning for EMIR REFIT should begin as soon as possible in order to meet the April 2024 deadline.
We are currently conducting an impact assessment to identify the changes required to support EMIR REFIT. Given the scale of the changes, this exercise is significant. Once complete, we will prepare to meet your reporting deadlines. To this aim, we are moving ahead with the following activities.
To ensure you are ready for the April 2024 go-live of EMIR REFIT, contact us to discuss the best options for you. Please feel free to call or email us using the details below or by using the form provided.
If you take no action, you are at risk of being non-compliant. There are fines for non-compliance, in the EU there is a maximum fine is €5 million or 10% of the total annual turnover of the entity, whichever is higher. In the UK the FCA can impose fines of up to £1 million or 10% of the total annual turnover of the entity, whichever is higher.