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- May 14, 2024
MAP FinTech recently held a highly informative webinar to prepare reporting entities for the upcoming EU EMIR REFIT go-live date. The team emphasised the need for reporting entities to provide Trade Repositories (TRs) with the LEI and contact email for Financial Counterparties (FCs) when reporting on a delegation basis.
One of the key insights shared was the necessity for TRs to obtain explicit authorisation from delegating parties. This step is pivotal, as failure to secure this authorisation could lead to the rejection of reports submitted by report-submitting entities on behalf of delegating parties.
Moreover, MAP FinTech provided valuable updates on UPI population status and highlighted the importance of having a UPI available on the reporting day. Attendees were reminded of the need to examine their OTC derivatives’ offerings and identify suitable UTIs from ANNA-DSB’s database. In cases where the necessary UPIs do not exist, reporting entities were advised on the process for generating them.
Furthermore, MAP FinTech shared insights into their extensive testing of the new reporting regime, identifying and addressing discrepancies and inconsistencies in the XML schema and ESMA’s validation rules.