EMIR REFIT RTS Rewrite: Reporting Updates

The EU EMIR REFIT regulatory technical standards (RTS) and implementing technical standards (ITS)were published in the Journal of the EU on 10th October 2022. We breakdown the key changes from the current EMIR reporting requirements, which need to be implemented for go-live on 29th April 2024 (18 months).

FIELD CHANGES

• 76 x completely new fields

• 40 x 2 of field name, details or format updated

• 36 x 1 of field name, details or format updated

• 21 x completely unchanged

• 19 x 3 of Field name, details and format updated (all changed)

• 13 x removed fields

For full analysis email: BD@Control-now.com

DATA HARMONISATION

• All data must use ISO 20022 xml format (ITS, Article 1)

• OTCs must use Unique Product Code (UPI) (ITS, Article 6 (3), TS Final Report, 148 & 149)

• UTI must follow CPMI-IOSCO guidance (ITS, Article 7 (2&3))

• Product specific fields updated to match Critical Data Elements (CDEs) (TS Final Report, 160 & 161, CDE by CPMI)

CONTENT OF THE REPORT

• Action Type & Event Types (TS Final Report, TABLE 4&5, TS Final Report, DIAGRAM 1)

• Collateral: now include pre and post haircut (TS Final Report, 366)

• ‘Beneficiary ID’, ‘Trading capacity’, ‘Quantity’, ‘Price Multiplier’ removed (TS Final Report, 296)

• New approach for buyer/seller (ITS, Article 4)

• 6 new fields for ‘Other payment’ fields (TS Final Report, 434)

• 7 new fields for packages and links (TS Final Report, 439 & 440)

• 5 new fields related to customer baskets (TS Final Report, 451)

• 3 new fields for notional schedules (TS Final Report, 411)

OTHER CHANGES

• Position Reporting: Both firms must agree to report at position level & matching required.

(TS Final Report, 224)

• Updates after go live: All live positions at go live must be updated to new format within 6 months

(TS Final Report, 482)

• Errors and Omissions: Cptys to notify their NCA of significant errors, omissions and late reports

(ITS article 9(1))

NEXT STEPS

• ESMA to publish EMIR reporting guidelines

• ESMA to publish ISO 20022 XML Schema

• ESMA to publish business validations

• ANNA DSB to make UPI DB available for UAT (ANNA DSB)

EU VS GB EMIR

• 17th Feb 2022: FCA/BofE close consultation (CP21/31)

• TBC: FCA submit final draft TS to HM Treasury

• TBC: HM Treasury provides approval

• TBC: FCA publish policy statement

• CN have written to the FCA for comment in mid Oct for comment on timelines. This article will be updated when we receive a response.