15 Nov EMIR REFIT REGIME REPORTING: The Game Is Afoot As Counterparties Prepare For Changing Requirements
By: Gaurav Chandra, Global Head of Product Management, OT&T and Tax – Regulatory Solutions, Adenza
Bhargav Krishnamurthy, Senior Regulatory Analyst, Adenza
Fraser Reid, Client Relationship Specialist, Adenza
There are significant changes afoot in the trade and transaction universe. European Market Infrastructure Regulation (EMIR) requirements have changed – known now as EMIR Refit – and the European Securities and Markets Authority (ESMA) is expected to publish a final report at the end of 2021 or early in 2022.
…But What Does “Afoot” Really Mean?
The deadline for implementing EMIR Refit regime changes and reporting all relevant transactions from 2019 onwards is fast approaching. Despite best efforts to create a streamlined reporting process, the data sourcing and data management burden is so significant that most firms will need to implement a new EMIR reporting solution rather than merely adjusting their current processes. No financial institution wants to be “sleuthing” for data like Sherlock Holmes.
The Adventure Of The Brexit Case
Further complicating the trade and transaction landscape, the Financial Conduct Authority (FCA) is soon expected to publish a consultation paper on UK EMIR. It is thought that there will be significant alignment with ESMA’s EMIR Refit regime, there could be divergence on the reporting requirements and other nuances which must be considered and evaluated carefully.
Granular, Transparent, Flexible Data Management Is No Mystery
Sherlock Holmes was a master of observing the finer points of a crime scene – nothing was beyond his powers of observation. That kind of granular and transparent eye for detail is also vital when managing large amounts of data for the EMIR Refit regime and across trade and transaction regimes – as well as through the trading life cycle from trade to report.
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