EMIR UK EMIR EMIR REFIT UK EMIR REFIT FinfraG SFTR Home Regulatory Reporting EMIR REFIT EMIR REFIT The EU reporting landscape for ETD and OTC derivatives has experienced its most substantial shift since the implementation of EMIR. Our Expert Team Supports You through These ChangesAs a result of ESMA's review of the Regulatory Fitness and Performance Program ("REFIT"), EMIR REFIT introduces significant changes and amendments to the EMIR reporting framework. Coming into force on April 29, 2024, REFIT will bring additional complexity to the reporting logic, a new XML reporting format and additional requirements for market participants to monitor and manage exceptions. REGIS-TR's team of experts, together with our state-of-the-art new platform with enhanced product features, will help you navigate these changes before and after REFIT implementation. Download Your REFIT Brochure Find out how Regis-TR can support you through your preparations and the go-live of the regime. Download Simplification of Complexity Quick and easy onboarding, self-management of master entity data, and workflow management tools to reduce regulatory burden. Risk Monitoring and Compliance State-of-the-art and intuitive user interface for customizable exception reporting and risk management. Competitively Priced Fair, reasonable and non-discriminatory pricing on a cost-plus basis. Some Videos about EMIR REFIT REFIT General Considerations In this video, we will explain the Regulatory Fitness and Performance Program ("REFIT"), how it will affect you, and what you should focus on. Logical Validation Rules This video explains the function of action types and the applicable logical validation rules that are applied to ensure that lifecycle events are reported in the correct sequential order. Permission Validation Process Watch this video to learn about the permission validation process, which verifies that the submitting entity is authorized to report on behalf of another entity. Amended and Updated Fields Overview REFIT increases the number of reportable fields from 129 to 203 and revises the reportable values and reporting logic of others. This video will walk you through the most important changes. Want To Know More? Our experts would be happy to help you with your questions around EMIR REFIT. Contact Us Our Webinars on the Topic EMIR REFIT Webinar: General In this webinar, we will provide an overview of our new EMIR REFIT UAT environment, demonstrating its key features and covering topics such as delegation control, common issues and future plans. (March 2024) EMIR REFIT Webinar: Reconciliation This webinar gives an insight into the reconciliation process, reporting, potential issues, a demonstration of the reconciliation tool, and future outlook. (Feb. 2024) EMIR REFIT Webinar: CSV to XML Converter Tool This session focuses on the CSV to XML converter tool, covering its functionality, test workflows, handling of special cases and future roadmap. (March 2024) Technical Specifications ESMA Guidelines for Reporting under EMIR UK EMIR Validation Rules 2023 EMIR REFIT - Incoming Messages EMIR REFIT - Outgoing Messages REGIS-TR Podcast FAQ REFIT will bring many changes. In June 2019, REFIT introduced the exemption to report Intragroup transactions as well as the shift in reporting obligation for the NFC-. 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 is EMIR? Under the European Market Infrastructure Regulation (EMIR), all counterparties are required to report details of any derivative contract they have concluded, or which the counterparty has modified or terminated. Who has a reporting obligation under EMIR? Under EMIR, any derivative counterparty established in the EEA is 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. What data must be reported? All derivatives contracts and related lifecycle events must be reported to a trade repository authorised by ESMA following the RTS and ITS defined by the regulation, in a dual-sided reporting approach. The information that 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 conclusion of the trade (i.e.: T+1) What is EMIR REFIT? EMIR REFIT amends and simplifies the Europeans Market Infrastructure Regulation by harmonising, streamlining and redefining the reporting under EMIR. It aims at minimising costs and transparency issues. REFIT represents a seismic change to the way that EMIR is reported and TRs want to ensure that market participants are supported through this evolution. When will REFIT go live? On 29 April 2024. What is REGIS-TR's 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 29 April 2024. REGIS-TR plans to make available to its customers the full UAT functionality in a phased-in approach, starting in June 2023. What material changes will REFIT bring? REFIT will bring many changes. In June 2019, REFIT introduced the exemption to report Intragroup transactions as well as the shift in reporting obligation for the NFC-. 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 REFIT goes live? With the entry into force of 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 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 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. Is there a new legal obligation to NFC-? Regulatory landscape for NFC-s remains unchanged. The first measures easing the reporting burden took effect on June 2019 when the financial counterparty became responsible for the OTC reporting of the NFC-s. In REFIT, NFC-s will be able to self report if that's their preferred choice.