With less than 100 days to go until new EMIR Refit regulation comes into force in the UK, RegTech (Regulatory Technology) scaleup eflow Global launches a free audit service for firms who want to remain compliant. This comes after the company received multiple enquiries from organisations who were underprepared for the regulatory changes ahead of their implementation in Europe earlier this year.
From September 30th 2024, the UK EMIR Refit will introduce significant changes to derivatives transaction reporting. This includes the addition of 89 new data fields and formats, revised reporting templates and enhanced data quality requirements. The changes have been designed to improve transparency, accuracy and efficiency of reporting in the derivatives market, but failure to comply will result in significant fines.
To help firms to remain compliant, eflow’s EMIR Refit Readiness Audit, will provide businesses with a free 30 minute consultation on how they should prepare for the new regulations, including some of the key pain points firms are experiencing. These include:
- The move to XML reporting – eflow Global will help firms understand the change in reporting format, what they need to do, and how this can be automated.
- New data fields – The team can outline the additional fields that are required, the data that no longer needs to be submitted, and how to streamline the collection of this data from multiple sources.
- The requirements around the new UPI field – eflow’s experts can explain what the new UPI field is, how to generate it and submit the details as part of your reporting.
Ben Parker, CEO and founder of eflow Global, commented: “It’s crucial that firms act quickly in the lead up to the implementation of EMIR Refit in the UK. Ahead of the EU implementation, our team saw a significant amount of enquiries from businesses who were looking to update their transaction reporting processes only a few weeks before the deadline. Unfortunately, this is far too late. Although it’s easy to procrastinate, firms need to face up to the facts, which are that they must have a reporting system in place that comply with the new EMIR requirements, or be prepared to be fined.”
eflow Global offers award-winning solutions for market abuse surveillance, best execution, transaction-cost analysis, transaction reporting and eComms surveillance. The company currently services over 120 clients across five continents, providing both buy-side and sell-side firms with highly configurable digital tools that are designed to keep them compliant and competitive in this ever-changing regulatory landscape.
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