{"id":17131,"date":"2024-04-22T13:33:35","date_gmt":"2024-04-22T13:33:35","guid":{"rendered":"https:\/\/mapfintech.com\/?p=17131"},"modified":"2025-01-13T08:40:14","modified_gmt":"2025-01-13T08:40:14","slug":"map-fintech-hosts-a-webinar-with-its-emir-obliged-clientele-12-days-before-the-refit-go-live-deadline","status":"publish","type":"post","link":"https:\/\/complyport.com\/transaction-reporting\/map-fintech-hosts-a-webinar-with-its-emir-obliged-clientele-12-days-before-the-refit-go-live-deadline\/","title":{"rendered":"MAP FinTech Webinar – In anticipation of the EU EMIR REFIT launch"},"content":{"rendered":"

MAP FinTech<\/a> hosted a webinar with its EMIR-obliged clientele a few days before the REFIT<\/a> go-live date to better prepare reporting entities. MAP FinTech staff reiterated to reporting entities that, when reporting on a delegation basis on behalf of other financial institutions (such as investment firms, credit institutions, funds etc.) defined under EMIR as Financial Counterparties (FCs), they need to furnish their Trade Repositories (TRs) with the LEI and a contact email for the said FCs.<\/p>\n

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Trade Repositories need to obtain explicit author<\/strong>isation by delegating parties<\/strong><\/span><\/p>\n

As per the requirements of EMIR REFIT, TRs will need to directly contact delegating parties asking them to confirm in writing that they have authorised the reporting entities to submit EMIR reports on their behalf. Failure by the delegating parties to provide explicit confirmation will result in the rejection of reports submitted by report-submitting entities on their behalf.<\/p>\n

TRs have begun reaching out to delegating parties from early April 2024 and urged reporting entities to inform all those concerned to take prompt actions. Finally, for non-financial counterparties for whom the reporting entities are liable to submit EMIR reports on their behalf, the reporting entities can self-certify that they have received the authorisation to report without the need for the TR to directly obtain the explicit confirmation.<\/p>\n

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UPI population status update<\/strong><\/span><\/p>\n

On the issue of generating UPIs<\/a>, MAP FinTech informed reporting entities that as per ANNA-DSB,<\/a> the authority issuing UPIs, as of early March 2024 about 1,148,000 UPI records were generated. However, from an analysis conducted by ANNA-DSB, only 300,000 were generated by Market Participants; the rest were populated by ANNA-DSB themselves from the record they have of OTC unlisted derivatives that were issued with an ISIN. It was emphasised to webinar attendees that a UPI must be available on the reporting day. Therefore, attendees must examine their OTC derivatives\u2019 offerings and try to identify the suitable UTI from ANNA-DSB\u2019s database. In cases where the necessary UPI does not exist, reporting entities need to generate it. You can refer to MAP FinTech\u2019s blog on the technical aspects<\/a> regarding the generation of a UPI.<\/p>\n

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