EMIR UK EMIR FinfraG SFTR Home Regulatory Reporting EMIR EMIR The European Market Infrastructure Regulation (EMIR) is the EU regulation for over-the-counter (OTC) derivatives, central counterparties and trade repositories. EMIR was introduced by the European Union in 2012 as implementation of the G20 commitment to reduce systemic, counterparty and operational risk, and increase transparency in the OTC derivatives market. EMIR is an EU regulation and is monitored by European Securities and Markets Authority (ESMA) as well as all national competent authorities. ESMA supervises REGIS-TR in its role as a governing body for EMIR. Our Relationship Managers can help you with further details in relation to the onboarding process, including: Technical specifications Legal and pricing information Access to free testing environment Get Started Download Your REFIT Brochure Find out how Regis-TR can support you through your preparations and the go-live of the regime. Download Authorised by ESMA Flexible Account Models Our account model is flexible and adaptable to your specific reporting requirements Competitively Priced Access to completely transparent fee schedules and tailored cost illustrations Get in Touch FAQ REFIT will bring many changes. In June 2019, REFIT introduced the exemption to report Intragroup transactions as well as the shift in reporting obligation for the NFC-. Among the most significant changes to come is the adoption of the ISO 20022 standard for the reporting of contracts, the increase in the number of regulatory reportable and reconcilable fields as well as the reconciliation of dynamic data such as valuation information, as it is updated daily. What is EMIR? Under the European Market Infrastructure Regulation (EMIR), all counterparties are required to report details of any derivative contract they have concluded, or which the counterparty has modified or terminated. Who has a reporting obligation under EMIR? Under EMIR, any derivative counterparty established in the EEA is required to report. Examples of companies that need to report include: Financial Counterparties (FC) such as investment firms, fund managers, banks, insurance companies etc; Non-Financial Counterparties (NFC) - entities that are not qualified as a financial counterparty and those not involved in financial services; and Central Counterparties and Clearing Members. What data must be reported? All derivatives contracts and related lifecycle events must be reported to a trade repository authorised by ESMA following the RTS and ITS defined by the regulation, in a dual-sided reporting approach. The information that needs to be reported includes: Counterparty data: This section is comprised of information related to the counterparties, other parties to the contract, valuation and collateral information. It addresses reportable fields like reporting counterparty, other counterparty, clearing member, broker id, value of the contract, valuation type, collateralisation, collateral portfolio and margin related information. Common data: this section is comprised of the common information reportable by both counterparties (e.g.: contract information, transaction details, clearing information). It addresses reportable fields like contract type, asset class, product classification, product identification, notional amount, effective date, etc. When do reports have to be made? Reports are required to be submitted to a registered TR no later than one working day after the conclusion of the trade (i.e.: T+1) What is EMIR REFIT? EMIR REFIT amends and simplifies the Europeans Market Infrastructure Regulation by harmonising, streamlining and redefining the reporting under EMIR. It aims at minimising costs and transparency issues. REFIT represents a seismic change to the way that EMIR is reported and TRs want to ensure that market participants are supported through this evolution. When will REFIT go live? On 29 April 2024. What is REGIS-TR's REFIT timeline? We are fully committed on ensuring a smooth transition to REFIT. To achieve this, REGIS-TR offers its clients a REFIT UAT environment where counterparties will be able to test their regulatory solutions and ensure full readiness by 29 April 2024. REGIS-TR plans to make available to its customers the full UAT functionality in a phased-in approach, starting in June 2023. What material changes will REFIT bring? REFIT will bring many changes. In June 2019, REFIT introduced the exemption to report Intragroup transactions as well as the shift in reporting obligation for the NFC-. Among the most significant changes to come is the adoption of the ISO 20022 standard for the reporting of contracts, the increase in the number of regulatory reportable and reconcilable fields as well as the reconciliation of dynamic data such as valuation information, as it is updated daily. What happens with my reported contracts once REFIT goes live? With the entry into force of REFIT, counterparties shall upgrade all their outstanding contracts to the new standards by submitting a report with event type ‘Update’, unless they have submitted a report with the action type ‘Modify’ or ‘Correct’. This shall be done within the first six months after the go-live. How data must be reported with REFIT? Reporting shall be done in ISO 20022. Submitting entities shall report: Transaction data, using the message auth.030 Margin data, using the message auth.108 Which End of Day reports will entities receive under REFIT? The standard reports that REGIS-TR will send to its customers will include: Trade Activity Reports, using the message auth.030 for transaction data and auth.108 for margin data. These reports summarize the activity submitted to the TR during the last reporting session. Trade State Reports, using the message auth.107 for transaction data and auth.109 for margin data. These reports summarize the latest state of the outstanding derivatives as of the event date applicable. Reconciliation Reports, using the message auth.091. This report summarizes the outcome of the reconciliation process, including the mismatches. Rejection reports, using the message auth.092. This report summarizes the lifecycle events rejected during the last reporting session. Warning reports, using the message auth.106. This report provides information on missing valuation updates, missing collateral updates, and on outliers. In addition, account holders will be able to access their data through live web searches and ad-hoc reports. Which entities will receive End of Day reports under REFIT? All REGIS-TR account holders will receive End of Day reports when their LEI is populated in one of the fields: reporting counterparty, entity responsible for the reporting or report submitting entity. How will REGIS-TR support CSV users after the implementation of REFIT? Our clients come first. We appreciate the need to support our clients, therefore we will ease the burden during the transition to XML formats by providing a CSV to XML conversion engine. Please stay tuned for further feedback. Is there a new legal obligation to NFC-? Regulatory landscape for NFC-s remains unchanged. The first measures easing the reporting burden took effect on June 2019 when the financial counterparty became responsible for the OTC reporting of the NFC-s. In REFIT, NFC-s will be able to self report if that's their preferred choice.