eflow Global launches EMIR Refit Readiness Audit ahead of deadline

eflow Global, a UK-based RegTech scaleup, has announced the launch of its EMIR Refit Readiness Audit. This initiative aims to address the industry’s lack of preparation for the upcoming UK EMIR Refit regulation, which is set to take effect on 30th September 2024.

With less than 100 days remaining until the new regulations come into force, eflow Global has observed an increase in last-minute support requests from firms. These requests were similar to the influx experienced ahead of the EU EMIR Refit implementation in April.

The EMIR Refit regulation will introduce notable changes to derivatives transaction reporting, mandating the addition of 89 new data fields and formats, revised reporting templates, and enhanced data quality requirements. These adjustments are designed to improve transparency, accuracy, and efficiency in derivatives market reporting. Non-compliance with these new rules could lead to significant fines.

eflow Global’s EMIR Refit Readiness Audit offers businesses a complimentary 30-minute consultation to assist them in preparing for the new regulations. The audit will cover essential areas such as the transition to XML reporting formats, the introduction of new data fields, and understanding the requirements of the new UPI (Unique Product Identifier) field.

Ben Parker, CEO and founder of eflow Global, emphasised the urgency for firms to act swiftly. “It’s crucial that firms act quickly in the lead up to the implementation of EMIR Refit in the UK. Ahead of the EU implementation, our team saw a significant amount of enquiries from businesses who were looking to update their transaction reporting processes only a few weeks before the deadline. Unfortunately, this is far too late. Although it’s easy to procrastinate, firms need to face up to the facts, which are that they must have a reporting system in place that comply with the new EMIR requirements, or be prepared to be fined,” he stated.

eflow Global aims to support firms through the following key elements in its audit:

• XML Reporting Transition: Helping firms understand the changes in reporting format, what is required, and how automation can aid the process.
• New Data Fields: Providing clarity on the additional fields necessary, data that is no longer required, and optimising data collection across diverse sources.
• UPI Field Requirements: Explaining the new UPI field, how to generate it, and how to incorporate it into reporting.

In addition to regulatory support, eflow Global offers solutions for market abuse surveillance, best execution, transaction-cost analysis, transaction reporting, and eComms surveillance. The company services over 120 clients globally, both buy-side and sell-side, providing configurable tools designed to ensure compliance and competitiveness in a dynamic regulatory environment.