EMIR/EMIR Refit Reporting

EMIR Reporting aims to improve transparency and reduce risks in derivatives markets.

EMIR Refit, which sees major changes on reporting standardisation and a significant increase in reporting fields, is now live in the EU.

Has EMIR achieved its original goals? Our EMIR director Tim Hartley gives his review of 10 years of EMIR Reporting.

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.

A major update of the requirements known as EMIR Refit went live in the EU on 29 April 2024 and will go live in the UK later this year (30 September). Amongst other changes, the total number of reportable fields has increased from 129 to 203, and there is now reporting via XML submissions using ISO 20022 standards. 

How we can help

We are offering firms a free healthcheck of their new EU EMIR Refit reporting.

Regulators expect reported data to be accurate, complete, and timely and have made it clear that EMIR reporting data quality requires significant improvement. Kaizen can help firms take proactive steps to ensure the quality of their data, including:

  • Performing regular independent testing to check for the accuracy and timeliness of submitted data
  • Reconciling data at source to ensure reporting completeness
  • Training courses on the reporting requirements delivered by Tim Hartley, one of the UK’s foremost experts on the regulation.

Taking these steps will help avoid costly remediation and potential sanctions further down the line.  Find out more.

Is your EMIR Reporting accurate and complete?

For a free healthcheck of your reporting or a conversation with one of our regulatory specialists, please get in touch.

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