UK:
Preparing For The Implementation Of EMIR REFIT
22 December 2023
Katten Muchin Rosenman LLP
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The article examines the new obligations under the European
Market Infrastructure Regulation (EMIR) Regulatory Fitness and
Performance Programme (REFIT), which requires EU or UK entities
involved in derivatives transactions to adopt new reporting
standards and upgrade outstanding derivatives transactions to the
new reporting format. The implementation date is April 29, 2024 in
the EU and September 30, 2024 in the UK. To navigate the
complexities of EMIR REFIT, firms should start preparing for the
implementation of the new reporting requirements as soon as
possible. Whether the firm provides its own trade repository (TR)
reporting, reports on behalf of other firms or relies on a third
party for TR reporting, determining which obligations are required
and if there are any gaps in implementation will be critical to
achieving regulatory compliance.
"Preparing for the implementation of EMIR
REFIT," Journal of Financial Compliance, Winter
2023
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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