As the latest European Market Infrastructure Regulation (EMIR) Trade Reporting deadline approaches in August, DerivSource have sought out expert opinions to offer last minute tips for EMIR compliance. These experts include Francis Cook (Specialist in Regulatory Compliance) who has been cited in DerivSource’s recent infographic feature.
The feature which involves seven last minute tips for those preparing to report collateral & valuation data, promises to be a valuable resource as the 12th of August deadline looms ever larger. Though institutions and most large sellside firms should by now be well on their way to compliance, there are still challenges and obstacles remaining as well as the continued EMIR compliance processes that will rumble on well after the August deadline.
Francis Cook urges focus on the long term compliance objective and in the DerivSource feature, highlights the need for firms to avoid any quick fixes. “The buyside also needs to beware of taking a short-sited approach by implementing temporary tactical solutions. It is worth investing the time and resources for implementing a robust reporting mechanism now so that reporting does not become a bigger burden in the near future when the FCA starts to consider enforcement on the reporting.”
The DerivSource infographic is expected to be widely circulated in the run up to the August deadline and GFT will also be producing various pieces of information and guidance on EMIR compliance, so do keep an eye on our website over the next few weeks for further details.