Today, Acuiti and Broadridge Financial Solutions release EMIR Refit: Navigating the mandatory changes report.
This report details how regulatory reporting teams face significant challenges in complying with the new regulation.
The key findings were:
- EMIR Refit will strain resources, with concerns that both budget and staffing issues will challenge some firms’ capacity to comply
- The increase in data fields and fields for mandatory matching will make reconciliation a major issue for firms
- Errors and issues with reconciliation breaks can be solved with the right exception management infrastructure
- Firms are expecting Unique Transaction Identifier implementation to be complicated, with pairing and sharing highlighted as a particular pain point
- Ambiguity on how to interpret some new fields, such as for lifecycle events, is heightening the risk of breaks between counterparties
- Integrating ISO 20022 is expected to be a relatively smooth part of the EMIR Refit implementation
Download the full report here: www.broadridge.com/emir-refit