UK EMIR

Due to Brexit, EMIR was onshored as UK EMIR under the European Union (Withdrawal) Act 2018. UK EMIR is the UK leg of the The European Market Infrastructure Regulation. Reporting flows of UK EMIR are separate from the EU 27 flows of EMIR.

Under UK EMIR, all UK counterparties to all derivatives transactions are 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.
• Foreign Alternative Investment Fund registered under the UK Alternative Investment Fund Managers Directive (UK AIFMD).
• Branches of EEA and third county companies established in the UK

All derivatives contracts and related lifecycle events must be reported to a trade repository authorised by the FCA following the UK EMIR vaidation rules.

The information the 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.

Reports are required to be submitted to a registered TR no later than one working day after the trade has been made (T+1).

On 30 September 2024.

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 30 September 2024. REGIS-TR plans to make available to its customers the full UAT functionality in a phased-in approach. Stay tuned for more details on the timeline.

REFIT will bring many changes. 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.

With the entry into force of UK EMIR 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.

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

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.

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. 

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.