ARTICLE
1 February 2024

EMIR Refit Soon To Go Live

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Arendt & Medernach
Contributor

About Arendt

Arendt combines the entire value chain of services dedicated to Asset Managers, Banks, Insurers, Public Institutions and Private Clients operating in Luxembourg.

-Legal & Tax
-Regulatory & Consulting
-Investor Services

Legal & Tax

We assist clients in structuring and running their business from a legal and tax standpoint across Luxembourg. Our teams directly serve international clients or work in close collaboration with foreign partner law firms.

Together with our regulatory consultants and investor services experts, we bridge the gap between legal/tax advice and its implementation. We deliver best-in-class services along our clients’ business life cycles.

The 450 legal experts of Arendt & Medernach have a wealth of experience in a wide variety of specialisations. Together, they are able to advise on a complete range of 15 complementary practice areas, including Investment Management, Private Equity, Banking and Corporate Law.

Ten years after the entry into force of the EMIR reporting obligation, national competent authorities (NCAs) across the EU still rate the overall quality of the EMIR transaction reports as poor.
Luxembourg Finance and Banking
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Ten years after the entry into force of the EMIR reporting obligation, national competent authorities (NCAs) across the EU still rate the overall quality of the EMIR transaction reports as poor. It is for this reason that it was decided to adjust the related legal framework through a framework reform, which is known as EMIR Refit. While the scope of the reporting obligation has already been subject to modifications in the past, EMIR Refit constitutes the greatest change to the EMIR reporting framework since its inception, as all concerned market participants will now face stricter rules.

See below for a short recap of the upcoming changes under the EMIR Refit regime and the risks of non-compliance.

Who is concerned?

The EMIR Refit will affect all EU entities that are subject to the reporting obligation under EMIR, thus, in principle, all EU entities dealing with derivatives (whether for hedging, speculation, or any other purpose).

What are the main changes?

The main changes are the following:

  • a standardised reporting format must be used.
  • a significantly increased number of reporting fields must be addressed.
  • a new obligation to notify the relevant NCA in the event of reporting issues.

What is the timeline?

The new regime under the EMIR Refit framework will apply as from 29 April 2024.

What are the risks of non-compliance?

The CSSF has announced the application of a stricter supervisory approach regarding EMIR. To this extent, it has set out its expectations regarding the new reporting standards in its guidance on EMIR Refit reporting standards and clearly states that any failure to report accurately as from 29 April 2024 will be considered non-compliance with Article 9 of EMIR on reporting obligations. We expect the risk of sanctions for EMIR breaches to increase significantly.

How we can help

Arendt has a dedicated team that can assist with all legal and regulatory matters in this area.

To access EMIR Refit, please click here_

For more information about the EMIR Refit framework, please click here_

For more information about how the CSSF monitors the quality of EMIR transaction reports, please click here_

To access the CSSF's guidance on EMIR Refit reporting standards, please click here_

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

ARTICLE
1 February 2024

EMIR Refit Soon To Go Live

Luxembourg Finance and Banking
Contributor

About Arendt

Arendt combines the entire value chain of services dedicated to Asset Managers, Banks, Insurers, Public Institutions and Private Clients operating in Luxembourg.

-Legal & Tax
-Regulatory & Consulting
-Investor Services

Legal & Tax

We assist clients in structuring and running their business from a legal and tax standpoint across Luxembourg. Our teams directly serve international clients or work in close collaboration with foreign partner law firms.

Together with our regulatory consultants and investor services experts, we bridge the gap between legal/tax advice and its implementation. We deliver best-in-class services along our clients’ business life cycles.

The 450 legal experts of Arendt & Medernach have a wealth of experience in a wide variety of specialisations. Together, they are able to advise on a complete range of 15 complementary practice areas, including Investment Management, Private Equity, Banking and Corporate Law.

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