European Parliament & Council Approves EMIR REFIT Technical Standards

Today, the European Parliament and Council approved the EMIR REFIT technical standards, and this has been published in the Official Journal of the EU. The implementation clock will start ticking 20 days from now with the go live set for 29 April 2024.

The endorsement caps off a busy 2-year period from the initial ESMA consultation to the Final Report in 2020 and the European Commission adoption in June 2022.

EMIR REFIT

Firms in scope for the EMIR REFIT have a tall order in front of them despite the 18-month implementation timeframe.

Several of the key changes are highlighted below and were recently discussed on S&P Global Market Intelligence Cappitech’s EMIR REFIT webinar (link) along with Regis-TR, an ESMA authorized Trade Repository.

1. New data fields (trade economics and counterparty fields)
   • 174 Reporting Fields & 29 for Collateral/Margin Data
   • 41% are newly introduced fields
   • 19% are existing fields being updated
   • 105 are CDE fields, moving close to international data harmonization
2. Introduction of Unique Product Identifier
   • UPI to be used when ISIN is not available
   • Lining up with CFTC and other regulators on use of industry standard
   • Administered by ANNA-DSB
3. New ISO 20022 XML Data Format
   • Industry moving to global ISO standard into the TRs
4. Lifecycle events
   • Reporting of corporate action events, derivative exercises and risk mitigation processes.

One key reminder for firms in scope for both UK and EU reporting, the UK FCA has yet to adopt their EMIR REFIT rules, but the industry is expecting that to be finalized in late 2022, with an 18 month implementation timeframe with a go live date of 29 April 2024.

Cappitech has been at the forefront of regulatory change since the G20 reporting rules kicked off in 2012 and has helped over 530 customers around the world with their trade and transaction reporting obligations. Let our team of experts ensure you have a fit for purpose reporting solution that is future proofing your regulatory reporting obligations.

Stay up to date with EMIR preparations by reading our other blogs:

• Introducing UPIs
• New Counterparty Fields
• New Direction Fields
• Collateralisation values
• Is it time to prepare?

About the author: Igor Kaplun

Mr. Kaplun serves as Global Head of Regulatory Reporting Business Development, S&P Global Market Intelligence Cappitech and is responsible for leading the expansion of the regulatory reporting capabilities globally. Mr. Kaplun has deep expertise in OTC derivatives, G20 regulatory reporting and post trade services. Prior to joining S&P Global Market Intelligence, Mr. Kaplun spent 11 years at CME Group, most recently as Head of the North America Trade Repository business. Earlier in his career Mr. Kaplun worked in market data, trade operations and support, product marketing and sales. Mr. Kaplun holds a Bachelor’s in Business Administration and Master’s in International Business from the University of Florida