RegTech firm eflow Global has introduced a free audit service aimed at enhancing compliance in derivatives transaction reporting.
The service’s initiation follows a series of inquiries from companies that previously struggled with the regulatory changes in Europe.
Starting September 30, 2024, the UK EMIR Refit will overhaul the reporting standards for derivatives transactions. This update will include 89 new data fields, revised reporting templates, and stricter requirements for data quality. These changes are intended to enhance the transparency, accuracy, and efficiency of derivatives market operations. However, non-compliance could lead to severe penalties.
To assist firms in meeting these new requirements, eflow Global’s EMIR Refit Readiness Audit offers a complimentary 30-minute consultation. This session will address key preparation challenges faced by firms, such as adopting XML reporting formats, integrating new data fields, and understanding the requirements surrounding the new Unique Product Identifier (UPI) field. The audit aims to help businesses automate their reporting processes and streamline data collection.
Eflow Global CEO Ben Parker emphasized the urgency of preparing for the new regulations: “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.”
The company, known for its award-winning solutions in market abuse surveillance, best execution, transaction-cost analysis, and transaction reporting, currently supports over 120 clients worldwide. Their offerings provide crucial compliance tools that help both buy-side and sell-side firms remain competitive in a rapidly evolving regulatory environment.
Copyright © 2024 RegTech Analyst
Copyright © 2018 RegTech Analyst
