The European Market Infrastructure Regulation (EMIR) covers derivatives, central counterparties and trade repositories and was initially adopted in 2012 with the amended version, EMIR Refit adopted later on in 2019. Following Brexit, there are now UK EMIR and EU EMIR regulations. The new rules under EMIR Refit came into effect on 29 April 2024 for EU entities and with UK entities having a later go-live date of 30 September 2024.

The publication of the new changes in 2024 supports the main purpose of EMIR to reduce systemic, counterparty and operational risk and increase transparency in the OTC derivatives market. It also aims to improve the data quality, provide clarity to firms where required and streamline the registration process for Trade Repositories (TRs).

Who will be primarily affected under 2024 EMIR Refit?

• Counterparties in scope of the reporting requirements under EMIR Refit
• TRs registered, or recognised, under EMIR Refit
• Third party service providers who offer reporting services to counterparties subject to reporting under EMIR Refit

What are the changes under 2024 EMIR Refit?

• More reporting fields: Increase in the number of reportable fields from 129 to 203. A small number of fields have been removed, such as “Trade capacity”.
• Change in reporting format from CSV to XML: ISO20022 standard, the open global standard for financial information, requires EMIR reports to follow standardised XML structure.
• Unique Trade Identifier (UTI): For derivatives reports concluded after the effective date, a specific UTI code will be used to update the state of these reports.
• Unique Product Identifier (UPI): UPI will be required to report most derivatives trades and must be present in the Derivatives Service Bureau (DSB) database.