EMIR/EMIR Refit Reporting

EMIR Reporting aims to improve transparency and reduce risks in derivatives markets.

EMIR Refit, which sees major changes on reporting standardisation and a significant increase in reporting fields, is now live.

Has EMIR achieved its original goals? Our EMIR director Tim Hartley gives his review of 10 years of EMIR Reporting.

What is EMIR and EMIR Refit?

The European Market Infrastructure Regulation (EMIR) is an extensive set of requirements from the European Commission, ESMA and the UK’s Financial Conduct Authority and Bank of England. Firms trading derivatives (financial and non-financial) must report details of all financial derivatives contracts to regulators via a Trade Repository. This includes over-the-counter and exchange-traded derivatives.

A major update of the requirements known as EMIR Refit went live in the EU on 29 April and in the UK on 30 September 2024. Amongst the changes, the total number of reportable fields has increased from 129 to 203, and there is now reporting via XML submissions using ISO 20022 standards.

How we can help

Regulators expect reported data to be accurate, complete, and timely and have made it clear that EMIR reporting data quality requires significant improvement.

Supported by our team of regulatory subject matter experts, Kaizen has a proven track record of helping firms take proactive steps to ensure the quality of their data, including:

Performing regular independent testing to check for the accuracy and timeliness of submitted data
Reconciling data at source to ensure reporting completeness
Training on the reporting requirements delivered by Tim Hartley, one of the UK’s foremost experts on the reporting rules.

Taking these steps will help avoid costly remediation and potential sanctions further down the line. Find out more.

Is your EMIR Reporting accurate and complete?

For a free healthcheck of your reporting or a conversation with one of our regulatory specialists, please get in touch.

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EMIR/EMIR Refit Reporting

What is EMIR and EMIR Refit?

How we can help

Kaizen Resources

External Resources

Is your EMIR Reporting accurate and complete?

Further reading

ESMA Data Quality Report 2023: What does it say about EMIR?

UPI – Unique Product Identifier Explained

Tim Hartley speaks to FOW on the UK EMIR Refit go-live