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EMIR REFIT

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What is EMIR REFIT?

EMIR (European Market Infrastructure Regulation) was established in 2012 in response to the 2008 financial crisis. Its purpose was to mitigate risks and issues in the OTC derivatives market.

In 2019, EMIR underwent its first major revision, known as EMIR REFIT 1, based on feedback from within the European Union and in alignment with MiFIR reporting obligations.

Further updates came in 2022 with EMIR REFIT 2, which introduced significant changes to the data structure and reporting requirements for EMIR. This revision incorporated global feedback and, for the first time, imposed new requirements. EMIR REFIT 2 is set to be implemented across the EU on 29th April 2024 and in the UK on 30th September 2024.

Getting ready for REFIT

What's changing with EMIR REFIT?

What changes does EMIR REFIT bring? The revision mandates several critical adjustments that organisations must adhere to or face severe penalties and damage to their reputation. Highlights include: 

  • An Increase in Reporting Fields: The number of reporting fields will expand from 129 to 203 (204 in the UK), marking a 57% increase.

  • ISO XML 20022 Standardisation: The adoption of the ISO 20022 standard will facilitate global reporting harmonisation.

  • Unique Product Identifier (UPI): ESMA is introducing UPIs, with the Derivatives Service Bureau (DSB) serving as the provider.

Understand EMIR REFIT a little better...

Resources

To help organisations and individuals better understand what's changing with EMIR REFIT, we've produced the below resources to download at no cost.

Insight paper - EMIR REFIT: What's changed? A summary of differential analysis between EMIR and EMIR REFIT (EU)

Webinars - Watch or revisit our collection of webinars

Are you ready for REFIT?

If you've got any doubts or questions about being ready for REFIT, we can help. Our deep knowledge of all things regulatory and our market-leading tool, Control Box, mean no matter what challenges you might be facing, we can help you become compliant.