Industry Themes

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

MiFID III
The initial MiFID III requirement updates were published on May 23rd, 2024, outlining an increased focus on data quality in-line with other reporting regimes. Updated transaction reporting requirements will be published by ESMA in the upcoming months.

UK EMIR
The new UK EMIR Refit requirements are expected to go live on September 30th, 2024, will be strongly aligned with EMIR EU Refit and will allow convergence to other global rewrites.

APAC Rewrites
ASIC and MAS rewrites are expected to go 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 – Live April 29th, 2024
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 – Live December 5th, 2022
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
CSA released their updated reporting requirements with a go-live date of July 25th, 2025. There are key changes expected in reporting content and operational processes, which will largely align with the new CFTC and ESMA rules. The adoption of the ISO 20022 standards will take place at a later date.