What is EMIR and EMIR Refit?
The European Market Infrastructure Regulation (EMIR) is an extensive set of requirements from the European Commission, ESMA and the UK’s Financial Conduct Authority and Bank of England. Firms trading derivatives (financial and non-financial) must report details of all financial derivatives contracts to regulators via a Trade Repository. This includes over-the-counter and exchange-traded derivatives.
29 April 2024 (Europe) and 30 September 2024 (UK) are the go-live dates for EMIR Refit, which aims to amend and simplify the current regime. Amongst other changes, it will see the total number of reportable fields increase from 129 to 203, and reporting via XML submissions using ISO 20022 standards.