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EMIR Refit Regs raises risk of fines, says Acuity study

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The incoming EMIR Refit regulation will increase sell-side and investment firms’ reporting requirements to a level where submitting new data fields and new combinations of actions and events could cause significant delays and run the risk of fines, a study from Acuiti has found.

Acuiti’s new report EMIR Refit: Navigating the mandatory changes, sponsored by Broadridge Financial Solutions, details how regulatory reporting teams face significant challenges in complying with the new regulation.
Furthermore, companies have often found themselves operating with a lack of clarity on how the new framework will impact their reporting processes. This increases the risk of errors, which adds to teams’ burdens when they have to explain breaks to regulators.
The findings highlight the importance of developing robust systems for trade and transaction reporting, and for the correction of errors.
The study found that 69% of firms were expecting serious challenges when building up their matching, reconciliation and exception management capabilities. All respondents envisioned some level of challenge in correcting errors and resubmissions.
Acuiti surveyed and interviewed regulatory reporting executives at 40 sell-side firms on their preparations for EMIR Refit and experiences with other reporting regulations.

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