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31st May 2022 | Whitepapers

EMIR Refit

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