How Brexit Affects EMIR Firms

Now that Brexit is complete, EMIR firms registered in the EU need to comply with jurisdictional requirements established by the European Securities and Markets Authority (ESMA), while EMIR firms registered in the UK must comply with jurisdictional requirements established by individual trade repositories (TRs), which will provide trade, position, collateral, and valuation reports to the Financial Conduct Authority (FCA).

In anticipation of Brexit, most TRs created separate entities for the UK and EU. In fact, ESMA and FCA signed a MoU published on January 4, 2021 that lays out a plan for establishing TR equivalence in the future through registration or assessment.

However, the change has important implications for EMIR firms that must now reengineer well-established reporting workflows to ensure compliance. IVP Regulatory Reporting (Raptor) can help make this transition smoother.

As a universal regulatory reporting tool, it can automate EMIR and many other transaction reporting needs. Its APIs can source data from virtually any trading system, enrich it with data from the security master and regulators, and automatically send all of this to the correct TR for reporting, with a built-in validation layer that ensures error-free performance.

Most important for EMIR firms, it can reconcile both counterparty data and internal records, so it is equipped to handle the reporting and reconciliation components of EMIR compliance.

Learn More about the Impact of Brexit on Regulatory Reporting:

How Brexit Affects AIFMD Reporting

How Brexit Affects MiFID Firms

How Brexit Impacts UCITS Reporting

Brexit Update: TPR and TMPR for a post-transition period