Revolution in reporting

The European Securities and Markets Authority (ESMA) under the amended EMIR REFIT rules is introducing new guidelines in the existing way of reporting derivative transactions.

This regulation is meant to align EU EMIR with global standards and improve data quality. And there are many significant changes – they are supposed to be revolutionary!

Therefore, all market participants are required to adapt the scope of reporting to the new requirements.

SINCE WHEN?

The new reporting rules will be effective from 29/04/2024 and from that date, all new transactions are subject to the new way of reporting.

For transactions have not settled until then there will be a 180-day period to adjust to the new guidelines. This means that in the interim the participant may be obliged to report in two ways and using different mld. messages.

LEGAL BASIS

The source of the changes is the final report „Technical standards on reporting, data quality, data access and registration of Trade Repositories under EMIR REFIT” dated 17/12/2020’’.

It aims to simplify and standardize the EMIR reporting rules. Further guidelines, i.e. Regulatory Technical Standards (RTS) on Regulation (EU) No. 648/2012 (the so-called EMIR REFIT) ESMA published on 7/10/2022. – came into force on 27/10/2022.

TOOLS PROVIDED BY BSB

• Automatic reporting thanks to the BSB’s application

BSB owns a ready emirOBLIGO solution for an automated reporting.

Our experts will present its capabilities and a wide variety of functionalities to adapt to the REFIT changes. We offer support while gathering and preparing data for reporting, including:

• Support in the analysis of the EMIR REFIT changes.
• Guarantee of reporting according to the new rules from 29/04/2024.
• Support in the so-called Grace Period – adjustment of active/old transactions to the new reporting rules.
• Support in mappings of new input data (in addition to the required scope of reported data).
• Ability to report Margin data.
• Ability to create dictionaries to map input data simply and easily, and respond to the ESMA changes (e.g. Floating rates dictionary, Day Count Convension dictionary).
• Integration with the ANNA_DSB to acquire UPI.
• Ability to generate UTIs automatically according to specified algorithms.

We encourage you to use our services and support in reporting.