EMIR Refit deadline is looming.
Are you ready?
EMIR Refit has been one of the most talked about regulatory changes of recent years. Now, we're just months away from the deadline that EU and UK firms must meet in order for their regulatory reporting to remain compliant.

Do you have the right compliant data?
Firms must have a compliant EMIR reporting solution by:
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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.

What does being complaint under EMIR Refit mean?
With just months left to prepare, firms should already be planning how their regulatory reporting processes are configured to remain compliant after Go live.
These are the key considerations firms should have in mind:
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    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. 
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    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’. 
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    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.
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.

Fortunately, helping businesses to navigate smoothly through ever-changing regulatory reporting seas is a focus for us, including EMIR Refit - we recommend you act now to ensure you have the right data in the right place.

Business people in the office.
EMIR Insights from FOW
  1. 4 days ago

    Speaking at the FOW Trading Amsterdam conference on Wednesday, Niels Lemmers, head of Public Affairs at Flow Traders, said the so-called EMIR 3.0 regulation fails to tackle the main European problem
  2. Article
    Wrongly ‘labelled’ products and the wrong information in the wrong reporting fields will cause EMIR Refit reporting failures, with associated tedious and costly remediation and re-reporting and potential for regulatory penalties and sanctions.
  3. Article
    It is a truth universally acknowledged that faulty reference data is, today, one of the key contributors to regulatory reporting failures.