EMIR REFIT – New Reporting Standards April 2024

The new EMIR Refit reporting requirements, applicable from April 2024, contain updates and reinforcements of existing requirements for reporting derivative over-the-counter (OTC) transactions within the European Union (EU).

Financial institutions in the EU will have to implement several changes by April 2024:  extension of the scope to a greater number of entities; improvements to the quality and harmonization of the data provided in OTC transaction reports; more granular reporting of data (the number of reporting fields will increase from 129 to over 200); reports on intra-group transactions; monitoring of emerging types of derivatives such as cryptocurrencies and derivatives related to digital assets; as well as stricter sanctions in the event of non-compliance with EMIR or non-compliance with reporting obligations.

Finally, there will be a transition period of 6 months to perform the “initial full load”, meaning that all eligible derivatives are to be reported, within 6 months after go-live, in accordance with new reporting requirements. Changes in outstanding derivative transactions after go-live must be reported directly in the new standards.