EMIR UK EMIR FinfraG SFTR 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 in Touch 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 FAQ 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 today and TRs want to ensure that market participants are supported through this evolution. When will REFIT go live? The REFIT timeline is still unconfirmed, but we can estimate that a tentative timeline may see the Reporting Start Date in Q1 2023. What is REGIS-TR's REFIT timeline? We are fully committed on ensuring a smooth transition to REFIT. To achieve this, we continuously work with the latest regulatory information available. However, our own timeline fully depends on ESMA’s publication of the validation rules, guidelines, and schemas. Only then, REGIS-TR will be able to provide a reliable test solution fully in line with the final REFIT standards. What material changes will REFIT bring? REFIT will bring many changes. In June 2019, REFIT has introduced the exemption to report Intragroup transactions a 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. 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 are assessing a number of compliant solutions to ease the burden during the transition to XML formats. 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.