Delta Capita, a global capital markets consulting, managed services, and technology provider, has partnered with Reg X Innovations, a regulatory technology start-up, to launch a new platform that helps clients prepare for the European Market Infrastructure Regulation (EMIR) Refit regulations.
The EMIR Refit readiness assessment platform leverages proprietary technology to analyze a firm’s trading data against the EMIR Refit ruleset, identifying reportable data and any reporting errors. The platform provides an automated report that highlights data gaps and mappings for the new EMIR Refit fields, as well as visual representations of data lineage.
The EU EMIR Refit reporting deadline has been confirmed for April 29th, 2024, and the UK will implement its regime months after this date on September 30th, 2024. The revised regulation will impact all firms trading derivatives on a trading venue or over-the-counter in the EU or UK, as well as central counterparties and trade repositories.
Delta Capita’s new platform aims to help firms comply with the new regulations by providing a thorough assessment of their current reporting processes. The platform processes data from a firm’s trading platforms and trade repositories, identifies reportable fields and data reporting errors, and provides an automated report that highlights data gaps and mappings for the new EMIR Refit fields, as well as visual representations of data lineage.
Karan Kapoor, Head of Risk and Regulatory Consulting at Delta Capita, commented, “We’re beyond excited to be bringing to market an innovative new platform to help firms prepare for the EMIR Refit. With only 12 months to go until the first reporting deadline, now is the time for firms to start reviewing their current processes, identifying where the gaps are, and working alongside industry experts, such as Delta Capita, to make sure they are fully compliant.”
Reg X Innovations is a regulatory technology (RegTech) startup that provides an efficient and comprehensive software as a service platform to help firms manage the complexity of regulatory reporting. With Reg-X’s solution, firms can improve the accuracy and completeness of their regulatory reporting in a structured and timely way, reducing costs and minimizing risks of non-compliance.
The new platform launch comes at an important time, with only 12 months left until the first reporting deadline. The new platform is expected to help firms avoid penalties associated with poor implementation of the EMIR Refit regulations.
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