The European Commission has on the 10th of June endorsed the EMIR Refit Regulatory and Implementing Technical Standards.
This means The European Parliament and council will have 3 months to raise any exceptions. If they do not raise any exceptions, we will see the go-live of EMIR Refit at the end of Q1 or the beginning of Q2 2024.
Given the seismic impact on Transaction Reporting this brings we request firms get in touch to start discussing how we can help them ‘now’ to minimise the impact in 2024
- 89 New Fields
- Changes to nearly all remaining fields
- A near 300% increase in reconcilable fields
- Increased Counterparty knowledge and communication
- UTI Waterfall changes
- Increased focus on Delegating Parties responsibilities
- Mandating of XML as the ‘only’ data standard (ISO 20022)
- Introduction of new OTC trade identifiers, Unique Product Identifier (UPI)
- Addition of a new Event for every Action Type
https://ec.europa.eu/finance/docs/level-2-measures/emir-rts-2022-3581_en.pdf
For help preparing for EMIR Refit, please contact us.
