EMIR regulation came into force on 14th February 2014 and it is now under a complete revision.
EMIR Refit represents a new challenge for the world of compliance and transaction reporting.
The purpose of this new release is to solve the problems of reconciliation, present in the current implementation by standardizing the reporting methods between the repositories, as well as making more global and transparent transaction reporting activities for derivatives.
On December 2020, ESMA published RTS Draft (EMIR Refit’s Final Report) in which are contained the key proposals of this new EMIR release.
In particular, we highlight:
- Alignment with international standards
- End-to-end Reporting in ISO 20022 XML: a new standard reporting format with a similar schema to the SFTR one.
The technical standards will be effective from 18 months after their publication in the Official Journal, that we expect it could happen before or after the summer 2021.
In EliData we are ready for this new challenge that represents a total revolution in the world of compliance and transaction reporting, by the constant analysis of the upcoming situation and the indication provided by ESMA.
Thanks to GRS – Global Reporting System and EliData’s solution for the compliance, all related services such as trade regulatory record keeping, Reporting of Financial Market Authorities, Trade repositories and other entities have been automated and we are working on the implementation of EMIR Refit.
“We anticipate market trends and we face new challenges through the competence and skills of our professional Team” – said Marco Connizzoli, EliData’s CEO – “We are convinced that EMIR Refit represents a great revolution and our goal is to be ready and time-to-market in order to ensure our clients a smooth and linear transition”