EMIR Refit
EMIR Refit... Do you have the right compliant data?
EMIR Refit has been one of the most talked about regulatory changes of recent years. The deadline for EU firms has now passed and we're just months away from UK firms having to follow suite in order for their regulatory reporting to remain compliant.
What does being complaint under EMIR Refit mean?
EU firms should already have their EMIR Refit processing in order and with just months to prepare for UK firms, planning how their reporting processes are configured to remain compliant after go live is essential.
These are the key considerations firms should have in mind:
More reportable fields
including upto 90 new fields, removal of 15 fields, and updates to the name, definition, and format of how to report a field. Note: This is more than double MiFIR’s reporting obligations.
XML Format
An ISO200022 global messaging standard, requiring you to adopt a standardised XML structure, rather than the more common and popular csv format used today by the vast majority of ‘reportees’.
Reportable counterparties
EU EMIR applies to all entities established in UK that enter into, modify, or terminate a derivative transaction. In most cases, both counterparties (the ‘buyer’ and the ‘seller’) must file a report for each trade.
74 more reportable fields – do you have the data?
The new regulations mean that firms will face significant changes to the data that is currently reported, in addition to multiple new fields that will need to be submitted for the first time. Given the operational changes that firms will need to consider in order to produce these reports, it is vitally important to factor in enough time to ensure that you have the right data and is 'ready' for go live.
EMIR Refit transition period and interregnum
EU firms have a 6-month transition period (29 April to 26 October). This time is given to firms to prepare and perform the first Refit-compliant ‘full load’. (Note: changes in outstanding derivatives after go-live must be reported to the new standard). It is also important to note that in the five month interregnum between EU and UK EMIR Refit regulatory deadlines, reporting entities that report currently in both jurisdictions will have to report UK EMIR under the ‘old rules’ and EU EMIR under the new ones.
How can FOW help you get EMIR Refit ready?
Getting the right data in the right boxes at the right time is the most pressing challenge.
At FOW, we specialise in guiding firms through such regulatory complexities, ensuring a seamless transition to EMIR Refit compliance. Whether you're already operational or in the planning stages, we are here to ensure you have the right data in the right place at the right time.
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