The European Markets Infrastructure Regulation (EMIR Refit) was published into the Official Journal of the European Union and established a formal date of 29 April 2024 for industry implementation and compliance. The publication of EMIR Refit into EU law is part of the global harmonisation push for G20 OTC derivatives reporting obligations to be consistent.
The EMIR technical standards introduces the end-to-end reporting in ISO 20022 XML, enhanced and harmonised data quality requirements for data validation and data reconciliation processes across Trade Repositories (TRs), and alignment with international standards to achieve consistency in data elements reported to TRs – such as the Legal Entity Identifier (LEI), the Unique Transaction Identifier (UTI), the Unique Product Identifier (UPI) and other critical data elements (CDE).