EMIR Refit – 1 Year to go
EMIR refit will come into force in one year’s time (29 April 2024), and is more than a tidying up exercise; it is a real overhaul of derivatives reporting:
– new data to report and events to manage (including the introduction of price and notional schedules) – 3 times more fields to be reconciled – new ISO format and convergence towards the Global UTI/UPI standard – new legal framework for delegated reporting (NFC-) – new requirements for monitoring and reporting errors to the regulator (predefined thresholds to be monitored)
in parallel with this, a significant increase in the degree of requirement and control of regulators on transaction reporting.
In conclusion, a subject not to be underestimated with numerous impacts that we detail in our study.