2024  The Year of EMIR

It's time to reflect on a year full of EMIR - all from the perspective of our EMIR Working Group.

2024 has been a busy year for anyone navigating the challenges of the European Market Infrastructure Regulation (EMIR). With both the EU Refit and UK Refit coming into effect, market participants faced a wave of updates that required quick adaptation and strategic thinking.

At Fund Recs, we wanted to make this process easier for our clients, which is why we convened the EMIR Working Group. Designed as a collaborative forum, the group brings together clients and industry players to share insights, align on approaches, and tackle EMIR-related challenges collectively.

In this article, we’ll explore the highlights from the year—what worked, what didn’t, and how the collaborative approach of the EMIR Working Group has helped shape the road ahead for 2025.

A Collaborative Approach to EMIR

The EMIR Working Group isn’t just a talking shop; it’s a hands-on, problem-solving space where clients and stakeholders can come together to address the practical challenges of compliance.

What’s it all about?

• Who’s involved? Our clients are at the heart of it, supported by regulators, trade repositories, and other industry participants like tech providers and financial institutions.
• What do we do? Through regular sessions and practical workshops, the group tackles specific issues like reporting requirements, operational hurdles, and best practices for compliance.
• Why does it work? By creating a space for open discussion and knowledge-sharing, the group helps participants find real-world solutions to regulatory challenges.

This collaborative effort has proven invaluable in simplifying the complex and supporting clients through a year of significant regulatory change.

Facing EMIR Head-On

The EMIR Refit introduced sweeping changes, from expanded reporting requirements to tighter deadlines and new responsibilities for counterparties. For many, it was a lot to take on.

Without collaboration, these changes could have led to inefficiencies, misinterpretations, and even compliance risks. That’s where the EMIR Working Group stepped in, offering a shared space to align on interpretations and find practical solutions.

Key Wins from 2024

Here’s what the EMIR Working Group achieved this year:

1. Simplifying Reporting Standards

The group helped clarify ambiguous reporting requirements, promoting standardization and making life easier for everyone involved.

2. Improving Operational Resilience

Members shared strategies to strengthen systems and handle the increased volume and complexity of EMIR Refit data.

3. Facilitating Better Communication with Regulators

Acting as a unified voice, the group ensured that feedback loops with regulators were more productive and transparent.

Lessons from a Year of Collaboration

2024 wasn’t without its challenges, but the EMIR Working Group showed just how valuable collaboration can be. Key takeaways include:

• Adaptability: The ability to pivot quickly in response to evolving requirements was essential.
• Knowledge-Sharing: Sharing successful approaches helped reduce the learning curve for everyone.
• Creative Problem-Solving: Innovative tools and solutions emerged to streamline compliance.

What’s Next for 2025?

This year has shown that even in the face of complex regulatory shifts, a collaborative approach makes all the difference. As we move into 2025, the EMIR Working Group will continue to focus on empowering clients with the insights, tools, and support they need to navigate change.

EMIR Refit may have brought its challenges, but thanks to the combined efforts of our clients and the broader market, we’ve proven that obstacles can become opportunities when tackled together.

Here’s to building on the successes of 2024 and tackling 2025 with the same collaborative spirit!