What is EMIR Refit?
EMIR Refit (Regulatory and Performance Programme) is a EU legislative initiative that aims to amend the EMIR Regulation, which was introduced in 2012 to regulate OTC derivatives trading in the EU. The main objective of EMIR Refit is to make EMIR more effective and efficient, while also reducing costs and administrative burdens for market participants. It also aims to ensure that the regulation remains aligned with international standards and to strengthen supervisory convergence across the EU.
What are the main objectives of EMIR Refit?
The main goal of EMIR Refit is to continue enhancing the harmonisation and standardisation of reporting. The goals set in this way support the main objectives of EMIR, which is the monitoring of systemic risk and reduction of costs for market participants and trade repositories.
Who is affected by EMIR Refit?
The entities affected by EMIR Refit include:
  • Financial Counterparties (FC) - investment firms, banks, insurance companies, fund managers, etc.
  • Non-Financial Counterparties (NFC) - entities not qualified as a FCs and not involved in financial services,
  • CCPs and Clearing Members,
  • Foreign Alternative Investment Funds,
  • branches of EEA and third county companies, established in the EU.
What are the key changes introduced by EMIR Refit?
The key changes resulting from the implementation of EMIR Refit are summarized below:
1) new reporting fields - increase from 129 to 203,
2) reporting format will exclusively be in XML,
3) increased number of reconciliation fields required for pairing and matching,
4) introduction of UPI,
5) obligation to notify NCAs on data quality issues by RSEs,
6) introduction of Action Type ‘Revive’,
7) Event Date field.
More at: https://www.kdpw.pl/en/emir-refit.html
Which transactions are covered by EMIR Refit?
Reporting obligation under EMIR Refit covers both OTC derivatives and ETD, as defined in points 4-10, Section C of Annex I to MiFID.
Entities in scope of EMIR Refit are required to:
a) report the details of any derivative contract they have concluded,
b) report any modification or termination of the contract to a trade repository.
What is the timeline for implementation and compliance with EMIR Refit?
The Regulatory Technical Standards for Regulation (EU) No. 648/2012 (EMIR REFIT) have been published in the Official Journal of the European Union on 7th October 2022 https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2022:262:TOC.
The published regulations entered into force on 27th October 2022.
Taking into account the 18-month implementation period, the new regulations will apply from 29th April 2024.

Grace Period – transactions/positions that will not have been cleared before the EMIR Refit effective date (29/04/2024) will have to be updated to the revised RTS within 180 days (29/10/2024)

Transactions/Positions terminating or reaching their maturity date within the 180 day period do not have to be updated.
With the provision that any report sent e.g. modification or correction, as of 29th April 2024, must be in a format according to the new XML message schemes, which are available at our website.
What is an UPI (the Unique Product Identifier)?
According to the ANNA DSB: “The Unique Product Identifier (UPI) is designed to facilitate the aggregation of OTC derivatives transaction reports globally.
The role of the UPI, in particular, is to uniquely identify the product involved in an OTC derivatives transaction that an authority requires, or may need in the future, to be reported to a Trade Repository.”

More at: https://cosp.anna-dsb.com/home#what-is-upi

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