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The Training Environment For Financial Services
You are looking at one of our in-house courses. Many of our in-house programmes are also available as open courses on specific dates. Click here to see our open course calendar.
The European Commission conducted an extensive review of the European Market Infrastructure Regulation (EMIR) and determined that while fundamental changes weren't necessary, there were disproportionate burdens placed on small financial counterparties. Consequently, the EMIR "REFIT Regulation" was introduced in May 2019 to simplify requirements for these entities. However, despite these efforts, challenges persist for Article 9 trade reporting obligations. The updated regulations introduce new fields and data points, require adherence to structured ISO 20022 XML messaging formats and impose stricter instructions. Furthermore, the implementation of the new Unique Product Identifier (UPI) and Unique Transaction Identifiers (UTIs) adds another layer of complexity, making trade reporting more intricate for firms. Thus, while aimed at simplification, the new regulations may pose significant challenges for those responsible for trade reporting.
The objective of this course is to provide an overview of the EMIR Refit, why it arose and the bigger themes it introduces to the obligations and how to navigate the associated regulatory and advisory texts.
From there, we dive deep into the fields used to construct the derivative trade reports, looking at the associated guidance from ESMA and reading across to how the industry working groups have interpreted the population of information should be completed.
Finally, a live tour of the ESMA guidelines where we can address your questions about the guidance that has been give and any likely pitfall areas that remain unclarified.
By the end of the course, you will have a comprehensive understanding of the EMIR Refit changes, the significance of this on a firm's reporting operating model, the EU and FCA regulations and what firms should do to protect themselves. This course also provides practical knowledge of derivative reporting and how to simplify it.
