BearingPoint supports reporting entities with the transition from EMIR to EMIR II

3 February 2017

With ABACUS/Transactions, BearingPoint provides a ready-to-use solution for EMIR II, the revised Regulatory and Implementing Technical Standards for EMIR, which were recently approved by the European Union

Management and technology consultancy BearingPoint, which ranks among the leading providers of Risk and Regulatory Technology (RiskTech/RegTech), supports the recently approved EMIR amendments in the TR2 module of ABACUS/Transactions, a proven standard software solution for transaction-based reporting.

On January 21, 2017, the European Union published the revised Regulatory and Implementing Technical Standards (RTS and ITS) for Art. 9 EMIR in the official EU journal. These amendments will come into force on February 10, 2017 and will be applicable starting from November 1, 2017. Therefore, the trade repositories as well as the reporting entities are obliged to have implemented the new standards into their reporting environments by this time.  

The new EMIR regulation intends to further clarify the regulatory process in order to be more effective in achieving the G20 resolution to form a worldwide regulatory framework to ensure a high level of transparency in the financial markets, which was decreed in 2009 following the aftermath of the global financial crisis. The new RTS and ITS are mainly focused on improving the data quality submitted to the trade repositories and the European Securities and Markets Authority (ESMA). The granularity of the reporting fields has been significantly increased as well as the reportable life-cycle events have been re-defined.
Robert Bosch, Partner at BearingPoint, commented, “With the introduction of new technical standards by ESMA, transaction-based reporting under EMIR is going through significant changes, which may pose a serious challenge for reporting institutions. In anticipation of the EU’s approval of EMIR amendments, we have already developed the new TR2 module, in order to ensure for our clients and prospective clients a smooth transition from EMIR to EMIR II”.

ABACUS/Transactions is a module-based standard software solution for transaction-based reporting and helps financial institutions to meet the increasing demand for even more granular intra-day transaction-by-transaction reporting. The product has been in use since 2014 and has achieved a corresponding market maturity through the EMIR reporting, which is currently covered by the TR module. The MMSR module helps clients to be in compliance with the new ECB regulation concerning statistics on the money markets (MMSR), which originally started with a three-month test phase on April 1 2016. The test phase based on actual data was positively carried out and all BearingPoint clients have successfully completed their productive reports since July 1 2017. Additional modules for the MiFID II/MiFIR and SFTR new European reporting regimes as well as the Swiss derivatives reporting according to FMIA/FinfraG are already in development.

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