EMIR Refit will mandate that significant changes will be made to the way investment firms currently report their derivatives transactions to the European Securities and Markets Authority (ESMA) in the EU and the Financial Conduct Authority (FCA) in the UK.
The main objective is to bring greater transparency to the derivatives markets by adopting standardized data requirements and increasing alignment across global regimes and jurisdictions.
Arriving with the Refit are new technical standards. While final dates are yet to be confirmed, based on recent confirmation of the regulation by the European Commission, current timelines are for a go-live sometime during H1 2024. Consultation papers of the UK version of EMIR are currently being reviewed by the FCA with expectations of further clarity of timelines later this year. Read more about the main challenges and how they are being solved