Compliance automation platform Ascent has released its European Market Infrastructure Regulation (EMIR) service to its platform.
EMIR is a European directive which impacts the over-the-counter (OTC) derivatives markets, central counterparties (parties which put themselves as a focal point between trade deals), and trade repositories (where records of trades are stored). The regulation establishes common rules for these, requiring entities to report all derivatives contracts entered into a trade repository.
Its goal is to lower systemic counterparty and operational risk and help prevent future financial system collapses.
Ascent uses AI-powered technology to help firms assess regulatory changes and their impact on business operations. The platform automatically curates the regulatory obligations and rule changes which apply to customers and links this with daily compliance tasks, controls, policies and procedures.
The company’s Automated Change Management and Obligations Management Solutions now support EMIR. This comes as the RegTech looks to cover more regulations.
Earlier in the year, the startup released its Federal regulators pack which supports compliance requirements to various legislations. Its bundled solution covers regulations imposed by bodies including SEC, FinCen, FINRA, and FDIC, among many others.
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