The EMIR Regulation aims to increase transparency in the OTC derivatives markets and to reduce the systemic risk due to the non-compliance of the derivatives’ counterparties.
ESMA is defining new technical standards. The new EMIR REFIT will entry into force on the 20th day of publication in the Official Journal of the European Union.
Expected GoLive: Q1 2024
ESMA proposes that XML schemas should comply with the ISO 20022 methodology.
EMIR Refit introduces new fields that need to be reported reaching a final number of 203 fields.
The EMIR REFIT has created a new field called ‘Derivative based on crypto-assets’ aimed to identify crypto based transactions.
ESMA is adopting standards promoted by CPMI-IOSCO for defining the logic structure of UTIs, UPI and other trade and instrument definitions.
The EMIR REFIT is adding the Event Type to lifecycles in order to describe more in details the underlying business event.
Reply continuously explores innovative technological solutions that can be applied to financial regulations to improve the reporting process using a data-driven approach. In particular, the ISDA Common Domain Model (CDM) enables supervisors, regulators and regulated firms to streamline the financial-reporting chain by adopting machine-readable and machine-executable digital reporting.
It is essential to monitor the regulatory updates in order to foresee the changes, so we built up an observatory on regulatory financial reporting. We have also a consolidated roadmap, including:
Consultation & Final Paper
Highlight information and process gaps.
Impacts & Remediation Action
Solution & Execution