EU EMIR Refit – one month to go!

With just over one month to go until EU EMIR Refit, it will be all hands on deck for regulatory reporting teams to ensure a smooth go live.

What are some of the last-minute things that firms should be considering? Here’s our top three:

1. XML Files

Make sure that you have the ability to read and review XML files or convert XML into something you can read because it’s not just submissions impacted, the results files will also be in XML. 

2. Trade State Report

From 29 April, under EU EMIR, the trades successfully submitted on T or T+1 will be shown on the T+2 ‘trade state report’, rather than being reported on the next day’s trade state report, as seen under current EMIR reporting. 

This differs from how the trade state report will be generated under UK EMIR Refit, which will not alter from today’s process.

3. Timing – 26/29 April

Many of the trade repositories are planning to close their doors over the weekend of 27/28 April to update all systems to only accept new trades via the new reporting format.

Why does this matter? Many cleared trades executed on Friday, get reported on the Saturday. But on this occasion, the trades will need to be reported on Monday when the TR re-opens, and can only be reported in the new EMIR format. 

How we can help 

Here at Kaizen, our award-winning assurance solutions are ready to support firms to assess their reporting quality. Firms are already utilising our on demand Accuracy Testing in the lead up to go live, to check the quality of the data that will be submitted from Monday 29 April. 

After go live, regulators will expect accurate, complete and timely data to be reported by firms. Our ReportShield™ assurance includes Accuracy Testing which provides comprehensive, independent checking of all 203 data fields in the new regime, as well as Advanced Regulatory Reconciliations to check for completeness.  We can also help with a review of your control framework too. 

We wish everyone preparing for EMIR Refit all the best for the next month! 

• For a conversation with Tim or one of our regulatory specialists about any aspect of EMIR Refit, or for an independent assessment of the quality of your reporting under the new requirements, please contact us.