At a first glance, EMIR Refit appears to be a full year away. Nonetheless, anecdotal data reveals that most of the institutions affected are not aware of the difficulties that lie ahead of them. In fact, they need to start getting ready right away by performing the necessary impact evaluations. As part of that preparation, a trade and transaction reporting solution is needed that is independent of jurisdictions, natively supports ISO 20022, and has capabilities for managing, resolving, and simulating UPI transactions. Institutions in charge of new trade-state, transaction activity, and reconciliation reports will also require a high level of expertise and specialized instruments to manage reconciliation. To comply with the Refit standards, they will also need to update their control frameworks.
For ESMA to fulfill its oversight duties and advance stability and transparency in the securities markets, high-quality data is a requirement. It therefore establishes quality and harmonization standards to guarantee the consistency, accuracy, and completeness of data utilized for regulatory purposes.
Finalyse’s goal is to provide our customers with the opportunity to be EMIR compliant with the least amount of expense and effort while still utilizing our knowledge of reporting under European regulatory standards. We have a lot of previous experience assisting institutions with meeting reporting-related standards.
For more information about our services please visit Finalyse Reporting Services.