The FCA and the Bank of England published updated guidance and finalised the changes to the UK EMIR Validation Rules.
The FCA guidance includes how the updated reporting framework will be implemented and is in the form of questions and answers (Q&As) which are grouped into topics. The Q&As are applicable from 30 September 2024 in line with most of the new requirements. The recent updates include information added to topics 6 to 11 following their second consultation.
The FCA and Bank of England updated the UK EMIR Validation Rules and explained this is to address errors or to close gaps which would have affected the ability of reporting counterparties to report accurate details of derivative contracts. The finalised changes have been marked in red within the document and they stated they do not intend to make further changes before 30 September 2024.
All updates can be found on the FCA dedicated webpage, for UK EMIR REFIT.
