When the European Market Infrastructure Regulation’s (EMIR) ‘Refit’ went live in the UK on September 30th 2024, it felt like stepping into the second half of a match, with firms facing fresh challenges and uncertainties. John Kernan, REGIS-TR UK, SIX highlights the key aspects of this transition in the last Asset Servicing Times Regulation Handbook 2025:
➡️ Improving Data Quality and Transparency: The new legislation aims to enhance data quality, transparency, and simplify compliance in derivatives reporting by introducing more reportable fields, new technical standards, and a shift to the ISO 20022 XML reporting format.
➡️ Smoother UK Implementation: Unlike the EU’s April launch, the UK’s go-live was much calmer, with rejection levels returning to pre-REFIT levels of below 1% within a week.
➡️ Proactive Approach: Maintaining momentum in revamping regulatory reporting practices is crucial. The UK’s smoother transition compared to the EU’s highlights the importance of a proactive approach.
➡️ Future Challenges: By March 31 2025, all open trades must be upgraded to REFIT specifications, with more reconciliation requirements coming into effect in September 2026. Firms must double down on data quality efforts and develop action plans to ensure seamless reconciliations.
Platforms like SIX Group-owned REGIS-TR can help firms adapt with speed and confidence, ensuring they are well-prepared for any further REFIT changes.
As the saying goes, ‘fortune favours the prepared mind’. Firms need to stay sharp for the second half - there is no time to rest post-REFIT.
📰 Get access to the publication (page 26) here