Industry Themes

Over the coming years, updated requirements across global regimes will present many challenges to firms. Upcoming regulatory changes include:

MiFID III
With an expected go-live date in 2026, ESMA is set to bring changes with the MiFID III regulations introducing strengthened supervisory practices, increased data reporting requirements, and stricter compliance standards for financial institutions.

UK EMIR
The new UK EMIR Refit requirements went live on September 30th, 2024, and strongly aligned reporting for FCA with the EMIR EU requirements, as well as converging with other global rewrites.

APAC Rewrites
ASIC and MAS rewrites went live on October 21st, 2024, with the HKMA rewrite anticipated to go live on September 29th, 2025. These changes will require firms to introduce stricter oversight processes but will allow for important convergences with the other global reporting regimes.

EMIR refit
The EMIR refit introduced important changes with regards to the reporting format (ISO 20022) and content, as well as new requirements and thresholds to declare Error and Omissions to the relevant NCAs.

CFTC Rewrite
The CFTC rewrite updated the reporting content requirements, introduced Error Correction, Verification and DMO notification obligations, with a mandated change to the ISO20022 schema expected in the near future.

CSA Rewrite
Canadian Securities Authority (CSA) released their updated reporting requirements with a go-live date of July 25th, 2025. The CSA Rewrite is expected to introduce new requirements impacting reporting eligibility, reporting fields and methods, and operational controls.