EMIR Refit reporting obligation in effect
The Netherlands Authority for the Financial Markets (AFM) draws the attention of market participants to the fact that the revised reporting obligation under EMIR Refit will officially come into effect from 29 April 2024. From that date, market participants must report derivative transactions in accordance with the new reporting rules. In addition, a new notification form has been launched for the notification of incorrect transaction reporting. The amended rules aim to increase transparency and stability in the capital markets.
EMIR Refit is a revision of the 2012 European Market Infrastructure Regulation (EMIR). EMIR aims to increase the transparency and stability of the derivatives market and reduce risks for the financial sector. EMIR Refit will apply from 29 April 2024 and introduces several changes that will ensure that supervisory authorities gain more insight into derivatives transactions.
The most important changes:
1. The introduction of a unique product identifier (UPI) to distinctly identify derivative products.
2. The addition of more data fields for more granular reporting of the derivative transaction details.
3. More transaction identification fields to improve traceability of the derivative transaction during its lifecycle.
4. The introduction of notification guidelines of significant issues, in relation to incorrect reporting, to the relevant competent authority.All changes can be found here.
Click here for more information about the new notification form.
If you have any questions, please contact emir_dq@afm.nl
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