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FAQs
Didn't we already do EMIR Refit?
EMIR first came into effect in 2012 with a reporting commencement in 2014. Since then there have been a number of updates to the regime, often with similar names. This feels quite confusing so we have summarised the history of the regime changes.
When did it start?
This depended on whether you have reporting obligations in the European Union (EU) under ESMA, or in the United Kingdom (UK) under the FCA.
EMIR Refit in the UK commenced on Monday, 30 September 2024.
EMIR Refit in the EU commenced on Monday, 29 April 2024.
What's the biggest change?
A move from CSV submissions to XML only
One of the global financial regulators’ goals of introducing ISO 20022 XML is to improve reporting quality. Where each trade repository has had its own unique submission format to date, it has caused difficulties in data sharing and matching between repositories.
By unifying the submission format to the ISO 20022 XML schema, this should eliminate the risk of discrepancies between reporting parties and repositories due to inconsistent data and allow generation of cleaner data with less variation of file formats for matching among repositories.
Are there any new fields we have to send data for?
In total there are 203 fields in the EU Refit specification. This is a significant increase from the number of fields that are currently required to be reported. TRAction is contacting our current clients to advise them what additional information needs to be provided and how to send it to us. For new clients, we have an updated file specification ready to be provided so you can start preparing to transition to TRAction.
Isn't there an EMIR 3 too?
Yes, the most recent revision of the European Market Infrastructure Regulation, which governs the EU’s derivatives market, is known as
EMIR 3. The updated regulation seeks to improve the effectiveness and resilience of the EU clearing system while addressing some of the risks and problems brought on Brexit and the energy crisis. It will likely have little to no impact on reporting to a Trade Repository.
What is Refit and Wasn't It Done in 2017?
REFIT – “Making EU Law Simpler, Less Costly and Future Proof”
- The European Commission’s Regulatory Fitness and performance programme (REFIT) aims to ensure that EU laws deliver on their objectives at a minimum cost for the benefit of citizens and businesses.
- The Commission presents every year an overview of its efforts for simplification and burden reduction in the Annual Burden Survey and monitors regularly the programme’s progress in the REFIT scoreboard. A high-level group – the Fit for Future Platform – advises the Commission on how to achieve the REFIT objectives and modernise EU laws.
- Basically it’s like Microsoft Windows updates, except a little harder to apply than just downloading, waiting 15 minutes and then restarting your computer.
- In November 2017, we got the first EMIR Refit which added some collateral fields and country of counterparty. No one paid much notice as MiFID II was going live 2 months later.
- Refit is broader than just EMIR and is applied to other regulations. It was launched in 2012.
Regulatory Resources
UK Refit - TRAction's Suggested Implementation Timeline
The new EU Refit rules began on 29 April 2024.
The UPI service from ANNA-DSB went live in early 2024. TRAction is working closely with the service for its clients where they do not already have the UPI for their transactions.
Make sure you have started conducting testing in the UAT of your trade repository.
The new UK Refit rules will begin on 30 September 2024.
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