Even before EMIR REFIT entered into force, the European Parliament published its Directive (EU) 2024/790 and Regulation (EU) 2024/791, called “MiFID II / MiFIR Review”, and already nicknamed “MiFID III / MiFIR II” or “MiFIR REFIT”. The text applies as of March 28th 2024, but “Several provisions in the MiFIR review need to be supplemented by Commission delegated regulations to become fully operational”.Concerning the reporting which is what is interesting us, Post Trade Transparency (RTS 1&2), Position Reporting (MiFID II art. 58) and of course, Transaction Reporting (RTS 22), the consultation process is running, and Final reports are expected in December 2024 and March 2025. We will then have a clearer view of the timeline, as the Commission explains in its draft notice that the set of rules applicable to reporting will become applicable as soon as the revised RTS starts applying and in the meantime the rules prior to the MiFIR Review will continue applying. Reading carefully the ESMA consultations, we can already expect substantial changes, particularly on the Transaction Reporting side. More to come early next year, keep in touch!

On June 19th, the Swiss Federal Council launched a consultation on the modification of the Financial Market Infrastructure Act (FMIA), also known as FinfraG (in German), or LIMF (in French). As the consultation ended a few weeks ago on October 11th we expect the conclusions to be published very soon. FinfraG covers both the derivatives reporting via the article 104 (the equivalent of EMIR in the EU or UK), but also transaction reporting via the article 39 (the equivalent of MiFIR for EU). Considering the amendments (see details in the Swiss Federal Council link below) proposed by the Federal Department of Finance in charge of evaluating and modifying the law, it is unlikely that the consultation fundamentally changes the core project. We therefore anticipate a REFIT-like version of the derivatives reporting and the transaction report in 2025. We will keep you informed of upcoming changes in the near future post. Stay tuned! Swiss Federal Council post: https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-101490.html

MAS Rewrite is already behind us. Let's recognize DTCC had a much smoother start compared to EMIR REFIT, with a particularly well-managed stock migration, a key point we already mentioned in a previous post. 2024 was a very busy year with several REFIT (REgulatory FITness and Performance Program) concerning EMIR, EMIR UK and MAS. Let's focus now on 2025 which just looks as intense as this year!Several regulatory reporting changes are already planned. Some for which we already know the target date, like HKTR at the end of September or CFTC. And others which are still in the consultation phase such as FinfraG or MiFIR but for which we already anticipate major changes.

ESMA 180 calendar days transition period will end next October 26th. All the “legacy” outstanding derivatives (Meaning, reported before April 29th 2024, with the preceding EMIR regime) have to be resent to a Trade Repository, using the special EventType “Update”, to comply with the EU EMIR REFIT technical standard. If you have specific concerns or questions about the implications of this deadline, in particular if you encounter difficulties to define the right perimeter of transactions to be resent, we certainly can help you!

Only a few days left until EMIR Refit UK goes live. Bespite the content is largely identical to EMIR Refit EU, one must still pay attention to the output file format sent to the Trade Repository. In both cases, XML files format follows ISO 20022 standard, but the ESMA and the FCA have each provided their own file grammar (in technical terms, the XSD file which is the XML schema to comply with).Beware, some adjustments in the EMIR Refit UK output file generation might be required to respect the XSD file structure!