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ARTICLE · 05 JANUARY 2023

EMIR: Updating Of Reporting Requirements

Finance Malta
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On 7 October 2022, the European Parliament and Council approved a set of Technical Standards[1](the "Technical Standards") supplementing the European Market Infrastructure Regulation[2] ("EMIR").

MaltaFinance and Banking
Ganado Advocates
Ganado Advocates
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On 7 October 2022, the European Parliament and Council approved a set of Technical Standards1(the "Technical Standards") supplementing the European Market Infrastructure Regulation2 ("EMIR"). In a Circular issued by the MFSA advising market participants of this publication, these Technical Standards are described as being "...the most extensive set of changes since the inception of EMIR". 3 In fact, the Technical Standards are part of a lengthy process of re-examining the EMIR regulatory regime and will significantly affect the obligations of derivative market participants under EMIR, in particular their reporting requirements.

By way of background, on 20th May 2019 the EMIR Refit Regulation4 ("EMIR Refit") was published with the aim of amending and simplifying EMIR primarily to reduce compliance costs and adopt a more proportionate approach to regulatory obligations of non-financial counterparties.5 EMIR Refit also required the European Securities and Markets

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