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EMIR REFIT for reporting adopted by European Commission

The European Commission DG FISMA has adopted a series of Delegated and Implementing Acts relating to the upcoming significant changes to EMIR reporting, and activities surround it (see here). These documents include:

• Minimum details of data to be reported to trade repositories and the type of reports to be used – here and here.
• Rules around reconciliation – here and here.
• Rules around standards, formats, frequency and methods and arrangements for reporting – here and here.

New rules around the governance and operation of Trade Repositories were also adopted.

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The adopted documents will now go before the European Parliament and will be approved or not within three months, although an extension of a further three months is possible. Once the rules are in the Official Journal, they go into effect 20 days later and will apply 18 months after that. This places the likely “go live” of the rules in the first half of 2024.

Note that the UK has a separate process for the changes (see here).