EMIR UK EMIR FinfraG SFTR Home Regulatory Reporting UK EMIR UK EMIR Post-Brexit, REGIS-TR UK LTD continue to support UK domiciled clients in their EMIR reporting obligations. The UK European Market Infrastructure Regulation (UK EMIR) on derivatives, central counterparties and trade repositories imposes requirements to improve transparency and reduce the risks associated with the derivatives market. REGIS-TR UK LTD was incorporated on 11 March 2019 to maintain a continuous reporting stream for UK clients. We have also maintained our existing EU TR status to provide reporting services to firms in the EU-27. 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 UK REFIT Brochure Find out how Regis-TR can support you through your preparations and the go-live of the regime. Download Authorised by the FCA 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 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. Who has a reporting obligation under UK 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 I am a branch of a UK company established in the EEA, do I have to report under UK EMIR? No, UK branches established in the EEA or other third country are not required to report under UK EMIR. What data must be reported? 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. 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 trade has been made (T+1). When does UK EMIR REFIT goes live? On 30 September 2024. What is REGIS-TR’s UK EMIR 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 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. What material changes will UK EMIR REFIT bring? 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. What happens with my reported contracts once UK EMIR REFIT goes live? 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. How data must be reported with UK EMIR 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 UK EMIR 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.