What Is The Difference Between EMIR and MiFIR?
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| EMIR | MiFIR | |
|---|---|---|
| What does it stand for? | European Market Infrastructure | Markets in Financial Instruments Regulation |
| What does it focus on? | Monitoring systemic risk | Market integrity and tackling market abuse |
| Purpose | Regulate OTC derivatives transactions in the UK and European Union | Enhance the efficiency and integrity of the financial markets across the UK and European Union |
| Commencement | 16 August 2012 | 3 January 2018 |
| Reporting Obligations | All counterparties are required to report details of any derivative contract they have concluded, or which the counterparty has modified or terminated to a Trade Repository on a T+1 basis | All investment firms are required to report specified transactions in financial instruments where the underlying instrument is traded on a European Economic Area trading venue to an Approved Reporting Mechanism on a T+1 basis |
Key Issues
TRAction has pointed out some of the key issues that investment firms need to be aware of under both regimes, so that you can stay compliant with the trade/transaction reporting requirements:
- EMIR
- MiFIR
For more information regarding specific aspects for transaction reporting, please visit:
- CFI and ISIN Requirements for EMIR and MiFID II Reporting in the UK and Europe
- How to Report Transactions Under Multiple Regimes Seamlessly
- The Differences between Trade Publication and Transaction Reporting in the UK and Europe
Transitioning to a New Delegated Reporting Service
Transitioning to a new regulatory reporting service can seem daunting. We understand the stress clients may face when switching to another TR, ARM or reporting delegate.
TRAction is here to make this process as easy as possible for you. We’ve worked extensively with other TRs and ARMs. Whether you are transitioning between TRs/ARMs or just looking to switch your reporting delegate, TRAction will ensure it is a smooth process and will help you manage the transition without hassle. Find out why you should make the transition to TRAction.
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