Are UK firms prepared for the EMIR refit?

With just over a year until the EU’s EMIR Refit go-live, how prepared are UK firms for the changes? 

A recent survey by Novatus Advisory found that the majority of them are behind in their compliance efforts, with 40% of respondents admitting to having no plan in place. The report found that firms may particularly struggle with new technological elements such as the ISO 20022 format, highlighting the need for solutions to deliver the required changes. 

Digital Regulatory Reporting (DRR) has emerged as a primary means of helping financial institutions adapt to regulatory reforms such as EMIR Refit, enabling firms to work together to build a standardised and machine-executable interpretation of the rules in open source. Following its successful go-live on the CFTC Rewrite last year, DRR is expanding to cover several new regimes including EMIR Refit this year, with new features covering ISO 20022 and the Unique Product Identifier among others. 

For more on how our Rosetta platform can help market participants with their DRR implementation, click here.

Read the full report in RegTech Insight.