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