Further to our previous briefing entitled: “IN BRIEF: FCA/BoE finalise changes to UK EMIR trade reporting requirements“,  the Financial Conduct Authority (“FCA”) has now published the final validation rules and XML schemas for the revised United Kingdom (“UK”) EMIR reporting regime which is set to go live on 30th September 2024.

Who is this relevant to?

This is relevant to financial and non-financial entities that are active in trading derivatives on UK or European Economic Area (“EEA”) trading venues.

Where can I find the final Validation Rules and XML Schemas for revised UK EMIR reporting?

You can find the UK Validation Rules and XML Schemas here.

My business serves clients based in the EEA, where can I find the final validation rules and schemas for revised European Union (“EU”) EMIR reporting?

You can find the EU Validation Rules and XML Schemas here.

My firm is based on the UK, why do we need to think about the EU requirements?

If your firm has clients based in the EEA then they are likely to be planning for the implementation of the new EU requirements which enter into force on 29th April 2024, six months before the UK implementation date (30th September 2024). Accordingly, if you firm is currently providing delegated or assisted reporting services to EEA based clients then it may need to adjust its systems in preparation for the earlier reporting deadline. Furthermore, EEA based clients may start to contact you with enquiries about your firm’s preparations.

Need help?

C&G’s consultants have extensive experience of implementing regulatory reporting regimes in firms which are active in trading investment instruments in the UK and EEA. This experience has been gained from working “in-house” and from frequent interactions with the regulatory reporting units of UK and EEA based regulators. Please contact us today if you would like to find out how we could help you plan for the revised UK or EU EMIR reporting regimes.