EU Commission adopts delegated and implementing acts developed pursuant to EMIR REFIT
Pursuant to Regulation EU 2019/834 (EMIR REFIT) that empowered ESMA to develop implementing and regulatory technical standards relating to the reporting framework under EMIR, the European Commission adopted the following acts on the 10th of June the following: COMMISSION DELEGATED REGULATION (EU) /… supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards specifying the minimum details of the data to be reported to trade repositories and the type of reports to be used (reference number C(2022)3589); and the accompanying Annex thereof The delegated regulation repeals and replaces regulation EU 148/2013 as amended. COMMISSION DELEGATED REGULATION (EU) /… supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards specifying the procedures for the reconciliation of data between trade repositories and the procedures to be applied by the trade repository to verify the compliance by the reporting counterparty or submitting entity with the reporting requirements and to verify the completeness and correctness of the data reported (reference C(2022)3581); and the accompanying Annex The delegated regulation sets inter alia what values from the submitted EMIR reports will be reconciled at a TR level as well as the feedback TRs will be providing to reporting counterparties regarding reconciliations COMMISSION IMPLEMENTING REGULATION (EU) …/… laying down implementing technical standards for the application of Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to the standards, formats, frequency and methods and arrangements for reporting (reference number C(2022)3588); and the accompanying Annex The implementing regulation repeals and replaces regulation EU 1247/2012 as amended. The adopted delegated regulations will be subject to scrutiny by the EU Parliament’s Economic and Monetary affairs committee for a period of 3 months (with an additional 3 months if so requested). If approved as is and upon their publication in the Official Journal of the EU they come into force on the twentieth day following their publication in the Journal and they begin to apply on the first Monday following the date corresponding to 18 months after the date of entry into force. The adopted implementing regulation upon its publication in the Official Journal of the EU comes into force on the twentieth day following their publication in the Journal and begin to apply on the first Monday following the date corresponding to 18 months after the date of entry into force. On the same day the Commission also adopted delegated regulations C(2022)3585, C(2022)3590 and implementing regulations C(2022)3580, amending regulations EU 150/2013, 151/2013 and 1248/2012 respectively.
How Complyport Tech is riding the rising RegTech wave
Complyport Tech’s CEO, Panayiotis Omirou, has been featured on Complyport Tech Global where he discusses the main reasons behind the rising demand for RegTech and why financial services companies have changed the way they handle their regulatory challenges. He also talks about industry trends and the effect the pandemic has had on the regulatory compliance space. Finally, Panayiotis Omirou introduces Complyport Tech’s multiple offerings, its award-winning platform, and the organisation’s future goals. Click here to read the full interview.
Complyport Tech wins Best RegTech Reporting Solution at the 2022 Ultimate Complyport Tech Awards
Complyport Tech is thrilled to announce that it has received the “Best RegTech Reporting Solution” award at the 2022 Ultimate Complyport Tech Awards. The UltimateComplyport Tech Awards recognize the top brands in the B2B and B2C online trading and Complyport Tech sector and provide our industry with a solid benchmark of the best companies to trade and do business with. The awards ceremony took place on the last day of the 2022 iFX Expo, which was held in Limassol from June 7 to 9. Chrysovalantis Nicolaou, Head of Analysis and Support, and Mavrikios Mavrikiou, Financial Associate received the award on behalf of Complyport Tech. Commenting on the award, Panayiotis Omirou, CEO of Complyport Tech, said: “This is a highly competitive category, so we’re extremely pleased that industry experts voted Complyport Tech as having the Best RegTech Reporting Solution and recognised our platform as a solution that is revolutionising the way financial market participants meet their regulatory obligations. Winning this award, the second of its type during the past month, confirms our position as a global RegTech Reporting leader. A big thank you to everyone who voted for us.” For more information on our award-winning RegTech services, please contact us.
Vote for Complyport Tech at the 2022 Ultimate Complyport Tech Awards
We are excited to announce that complyporttech has been shortlisted in two categories at the 2022 Ultimate FinTech Awards. The Ultimate FinTech Awards recognise top brands in the B2B and B2C online trading and fintech space, providing our industry with a solid benchmark of the best companies to trade and do business with. Please take a minute to support Complyport Tech by casting your vote. Complyport Tech has been shortlisted in the following categories: Best Technology Provider Best RegTech Reporting Solution Keep in mind that the last day to vote is the 1st of June 2022. Thank you in advance for your vote!
Complyport Tech wins Best Solution for EMIR award at the 2022 RegTech Insight Awards
We are excited and honoured to announce that Complyport Tech has received the award for Best Solution for EMIR at the 2022 RegTech Insight Europe Awards. The RegTech Insight Europe Awards recognise those RegTech solutions that have stood out, helping financial services firms across the globe comply with their many regulatory requirements in a more efficient and adaptable manner. Panayiotis Omirou, CEO of Complyport Tech, said: “We are extremely pleased to have been recognised with this prestigious award. Complyport Tech was one of the first providers in Europe to report under the European Market Infrastructure Regulation with billions of transactions reported successfully so far. We will continue to combine the compliance and technology functions, so that we remain flexible, efficient, and effective when supporting the many new, demanding, and dynamic requirements of the global RegTech world.” Angela Wilbraham, CEO at A-Team Group, said: “Congratulations Complyport Tech for winning this year’s RegTech Insight Award Europe for Best Solution for EMIR. This year’s RegTech Insight Europe awards have been extremely popular and competitive, highlighting established solution providers and innovative newcomers that help capital markets participants respond effectively and efficiently to evolving and ever more complex regulatory requirements across the global financial services industry.” For more information on our RegTech services, please contact us.
Challenges and Risks with your CRS and FATCA reporting. Learn how Complyport Tech can help you comply
The Foreign Account Tax Compliance Act (FATCA) is a complex set of rules which aims to increase tax compliance by US citizens. It requires foreign financial institutions to determine their clients who are “US persons” and directly report to the US Internal Revenue Service (US IRS) information on their financial accounts. Failure to comply with the reporting rules and legislation will result in heavy penalties. The Common Reporting Standard (CRS), which is similar to FATCA, also aims to prevent offshore tax evasion and protect the integrity of tax systems. It requires financial institutions in participating jurisdictions to identify the tax residencies of their clients and report financial accounts held by foreign tax residents to local tax authorities, which will in turn be exchanged with the tax authorities of the relevant jurisdictions. See below upcoming dates: Challenges & Risks Firms face a number of challenges and risks that need to be addressed in order to proceed with the pertinent submissions before the deadline. Challenges Analysis & interpretation of the requirements, which consist of over 300 pages of guidelines to read More than 65 fields per record to complete Complicated multilevel XML files Different jurisdictions with each posing a different set of challenges Risks Incorrect completion of CRS and FATCA reporting Failure to meet the reporting deadline and overall requirements Costly investment in resources to help you file the relevant submissions, which may place a burden on your budget Disruption of your daily operations Incorrect or false submissions that may result in a withholding penalty to specific payments How can Complyport Tech assist you? Given the complexity of the FATCA and CRS reporting, the challenges in keeping up with the regulatory updates and the penalties in case of non-compliance, it is reasonable to get ready early. Complyport Tech can fully support your business’ regulatory reporting needs. We receive reportable information, construct the CRS and FATCA annual reports, and, for most countries, submit them to the relevant competent authority as prescribed by the relevant provisions of CRS and FATCA. ΜΑΡ FinTech’s CRS and FATCA Reporting Services provide a user-friendly approach to receiving, validating, transforming and submitting the relevant information required under the CRS/FATCA reporting and due diligence rules. These services are delivered via our powerful and award-winning Polaris platform, together with the rest of its reporting offerings and our team of experts’ impeccable support services. ΜΑΡ FinTech’s CRS/FATCA – Key Features Cost-efficient integrated reporting solutions provided under a single platform. Highly automated and scalable solution that can report as many accounts as you have. Flexible in the way it receives data, either via standard templates or raw data. Multiple reporting health checks for both content and schema and automatic filtering of erroneous entries. Automatic conversion of data to XML and separation of files based on tax residency. Submissions to various tax authorities worldwide. On-going communication with regulators to ensure the system reports reflect regulatory updates and changes.
Key points from ESMA’s EMIR and SFTR data quality report
The European Securities and Markets Authority (ESMA) published the second edition of its Data Quality report on 1st April 2022, its purpose, to provide a holistic view of the coordinated supervisory actions of both ESMA and National Competent Authorities (NCA’s) whose objective it is to achieve improvement in areas where insufficient quality of data is identified. Their joint effort of ensuring high data quality relies on an efficient oversight of the reporting counterparties by the NCA’s and of the Trade Repositories (TR’s) by ESMA. Their scope relates to data gathered under the European Markets Infrastructure Regulation (EMIR), and for the first time in 2021, the Securities Financing Transactions Regulation (SFTR). Regarding EMIR, equity and futures derivative contracts continue to be the most prominent asset class and contract type respectively. ESMA carried out three supervisory projects focusing on: The ingestion and processing of data by TRs, Application of EMIR access filtering rules for provision of data to NCA’s according to their mandates and The assessment of consistency of two key regulatory reports; the trade activity and trade state reports. The regulator determined that supervised trade repositories broadly follow regulatory and supervisory expectations although in some cases there were some shortcomings in the quality of the reports. The analysis similarly highlighted positive results from ESMA’s targeted actions with specific focus on the reporting of valuations and collateral, of which, compared to the previous year, misreporting of valuations was significantly reduced by around 50% for reporting firms subject to the review. NCA’s analysed the results of over 30 tests related to different quality aspects such as completeness, accuracy, or timeliness, of which the latter, detailed improved reporting practices with the elimination or significant reduction of late reports. While less than 10% of reported derivatives tend to be reported late by the counterparties, more than 20% do not receive updated valuation daily, as mandated by EMIR. Additionally, reconciliation continues to be insufficient with approximately 5 million of reconcilable derivatives remaining unpaired. While much attention has already been put to timely reporting, reporting of valuations and reconciliation, clearly much more improvement is needed, and those areas will continue to be the point of focus of ESMA and NCAs going forward. Regarding SFTR, in terms of number of open transactions, securities lending and borrowing is the largest SFT type reported with around 70% share at the end of 2021, with Credit Institutions accounting for the largest proportion of reported open SFTs (around 50%). Trade repositories and reporting counterparties implemented the first SFTR XML schema update since the start of reporting in July 2020. The update aimed at removing a technical shortcoming that could decrease the quality of the information available to the regulators, of which, the key findings were around 10% of SFTs are reported later (after T+1), rejections have been low (only 2%) and as regards reconciliation, the pairing rate continues to be relatively low at 60%. Timeliness of reporting, adherence to format and content rules (via rejections) and reconciliation (pairing) has been the point of focus of ESMA and NCAs during 2021. While progress has been made, some areas (particularly reconciliation) need to remain areas of focus also in the future. ESMA also monitored and coordinated with NCA’s and TR’s regarding the relevant aspects of the wind-down of the UnaVista repository service under SFTR as well as the associated porting of SFTR data to other TR’s. Of noteworthy mention, the data quality report detailed the staggering impact of BREXIT, for both EMIR and SFTR, with data reporting volumes falling approximately 50% across both regimes. How can Complyport Tech assist? Complyport Tech grants you full transparency, security and reconciliation over your regulatory reporting processes to prove to both NCAs and senior management that you retain complete oversight over your firm’s reporting function. Furthermore, we can assist with accurate and error-free regulatory reporting, keep you insulated from change in a fast-paced environment, and help you remain 100% compliant. Complyport Tech’s EMIR Reporting Service is designed to tackle a multitude of challenges posed by tagging and delegated reporting as part of ΕΜΙR compliance. Our EMIR Reporting Service has unrivaled participant connectivity with data mapping and enrichment and Trade Repository (TR) connectivity. The result is a comprehensive matching and reconciliation service for vendor-delegated and dual-sided trade reporting. Through our powerful Polaris platform, we automate this complex process, and we effectively investigate, validate and manage your data. At the same time, our team of specialists provide training throughout the implementation process to ensure that key personnel understand the regulation and process. Our service includes the technology and the consulting from our experts to provide your firm with a single solution for all asset classes across EMIR jurisdictions. Complyport Tech, under its SFTR reporting service, and on behalf of the client, reports the execution details of each SFTR Reportable Transaction and of any modification, update or termination to a TR within the timeframes set by the SFTR Legislation. Via this service, Complyport Tech also maps all contractual data with the technical requirements mandated by the SFTR Legislation. Complyport Tech will maintain and update the pertinent fields to reflect the latest SFTR transaction reporting requirements.
Stay on top of your CRS and FATCA obligations
The clock is ticking for your annual FATCA and CRS submissions! As shown below, the reporting deadline to the relevant tax authorities in most participating jurisdictions is set for between the end of May and July 2022. What We Deliver With this in mind, Complyport Tech can fully support your CRS and FATCA reporting needs. Complyport Tech’s CRS and FATCA Reporting Services provide a user-friendly approach to receiving, validating, transforming, and submitting the information required. More specifically, our solutions receive the reportable information, construct the CRS and FATCA annual reports, and, for most countries, submit them to the relevant competent authority as prescribed by the relevant CRS and FATCA reporting and due diligence rules. These services are delivered via our powerful, award-winning Polaris platform, including its many other reporting solutions and our team’s impeccable support services. Key Features Cost-efficient, integrated reporting solutions provided under a single platform. Highly automated and scalable solution that can report on as many accounts as you have. Flexible in the way it receives data, either via standard templates or raw data. Multiple reporting health checks for both content and schema and the automatic filtering of erroneous entries. Automatic conversion of data to XML and separation of files based on tax residency. Submissions to various tax authorities worldwide. On-going communication with regulators to ensure the system reports reflect regulatory updates and changes. What Sets Us Apart Award-winning RegTech provider with ample regulatory expertise One-stop compliance solutions Comprehensive support services
Vote for Complyport Tech as the Best RegTech Reportıng Solutıon at the Global Forex Awards 2022
We are happy to announce that Complyport Tech has been nominated for the Best RegTech Reporting Solution at the Global Forex Awards for 2022. The Global Forex Awards 2022 are a celebration of businesses from around the world pushing the boundaries of innovation in B2B forex trading solutions. The awards will champion the best performing providers of liquidity, CRM, execution, platforms and performance, as well as other crucial elements of the B2B forex trading eco-system. Voting is now open. Please vote for Complyport Tech as the Best RegTech Reporting Solution. We would be grateful to have your support!
Vote for Complyport Tech as the Best RegTech Reportıng Solutıon at the Global Forex Awards 2022
We are happy to announce that Complyport Tech has been nominated for the Best RegTech Reporting Solution at the Global Forex Awards for 2022. The Global Forex Awards 2022 are a celebration of businesses from around the world pushing the boundaries of innovation in B2B forex trading solutions. The awards will champion the best performing providers of liquidity, CRM, execution, platforms and performance, as well as other crucial elements of the B2B forex trading eco-system. Voting is now open. Please vote for Complyport Tech as the Best RegTech Reporting Solution. We would be grateful to have your support!