Skip to main content

EMIR Refit reporting

The European Market Infrastructure Regulation (EMIR) is the EU's central framework for over-the-counter (OTC) and exchange-traded derivatives trade reporting. EMIR Refit (Regulation EU 2019/834, in force since April 2024) tightened reporting obligations, aligned field definitions with MiFIR, and shifted much of the responsibility for data quality from trade repositories back to counterparties and executing firms. This article explains how Falcon Veritas Intelligence (FVI) operationalises EMIR Refit reporting for buy-side and sell-side firms operating in the EEA, the UK, and through equivalence jurisdictions.

Scope and applicability​

EMIR applies to any legal entity established in the EU that enters a derivative contract, including interest rate, credit, equity, FX, commodity, and CLOB-traded futures and options. Post-Refit, there is no de-minimis threshold: every contract must be reported, regardless of notional, asset class, or counterparty status. Firms operating in the UK are subject to UK EMIR (overseen by the FCA and Bank of England) which mirrors Refit but with ONS-sourced LEIs and UK-specific reporting fields.

FVI provides a single submission path for both EU and UK reporting. Tenant admins configure their LEI, the relevant trade repository (REGIS-TR, UnaVista, DTCC GTR, or CME Group SDR), and the reporting counterparty classification (FC, NFC+, NFC-) under tenant_settings → compliance → emir. Once set, FVI's match engine pairs derivative execution records from front-office systems (Calypso, Murex, Summit) with confirmation messages and clearing records, producing a single reconciled trade state suitable for ESMA and FCA submission.

Field mapping​

EMIR Refit introduced 103 actionable fields (Action Type, New, Modify, Cancel, Error, Correction, Revive, Compress, Position Component, Valuation Update) and reduced the original 129 fields to 67 mandatory or conditionally mandatory data points. The four high-impact changes for reconciliation teams are:

  1. Unique Trade Identifier (UTI) generation must follow the ISO 23897 hierarchy — counterparty-determined where the rules allow, otherwise via the ESMA-recognised fallback algorithms. FVI exposes a UTI generator service that implements all four fallback paths (random, market-identifier + counterparty ID + timestamp, internal sequence, and concatenation).

  2. Prior UTI is mandatory on Modify, Cancel, Error, Correction, and Revive actions. FVI's reconciliation engine automatically threads prior UTIs through the action lifecycle so that trade repositories can build full position history.

  3. Collateral fields (FC only) require CSD-eligible security identifiers (ISIN), haircut amounts, and currency conversion at ECB reference rates. FVI's collateral tables store both gross and net exposures with daily mark-to-market snapshots.

  4. Corporate sector code uses the European System of Accounts (NACE rev. 2) rather than the older NACE rev. 1.1 codes. FVI's counterparty.sector_code column validates against the official ESMA NACE list and rejects legacy codes.

How FVI supports EMIR Refit​

FVI treats EMIR reporting as a downstream consumer of the same ledger of truth that drives reconciliation, exception management, and regulatory evidence packs. The flow is:

Submission packages conform to the ESMA ISO 20022 XML schema (head.001.001.02) and the FCA UK EMIR Refit proprietary schema (where the FCA has not yet migrated to ISO 20022). FVI signs each submission with the tenant's ESMA-issued LEI certificate and submits via the trade repository's sFTP or AS4 endpoint.

Step-by-step: enabling EMIR Refit reporting​

  1. Register the tenant. In the FVI dashboard, navigate to Settings → Compliance → EMIR and enter the LEI, the relevant TR, and the counterparty classification. FVI validates the LEI against the GLEIF database and rejects any LEI marked as lapsed.

  2. Configure UTI generation. Choose the UTI determination method (counterparty-determined or FVI-generated fallback). For FVI-generated UTIs, the emir_uti_sequences table seeds per-asset-class random IDs with collision detection.

  3. Map source fields. Use the FVI field-mapping wizard (under Integrations → EMIR mapping) to connect FVI's transactions and collateral_positions columns to the 103 actionable EMIR fields. The wizard performs a sample reconciliation against the ESMA validation rules and flags fields with low match confidence.

  4. Run a dry-run. FVI's compliance officer console includes a dry-run mode that submits a 30-day window to a sandbox TR. Review the TR's validation report and iterate on the mapping.

  5. Enable production submission. Once dry-run validation passes, flip the tenant from sandbox to live. FVI begins the T+1 morning submission window (post-Refit reporting deadline).

  6. Monitor acknowledgements. FVI polls the TR for ACK/NACK responses and surfaces unresolved validation errors as exceptions in the analyst queue.

Code samples​

curl​

curl -X POST https://api.falconveritas.com/v1/compliance/emir/submissions \
  -H "Authorization: Bearer $FVI_JWT" \
  -H "Content-Type: application/json" \
  -d '{
    "tenantId": "'$FVI_TENANT_ID'",
    "lei": "529900T8BM49AURSDO55",
    "reportAction": "NEWT",
    "fromDate": "2026-08-01",
    "toDate": "2026-08-22",
    "idempotencyKey": "emir-fvi-$RANDOM"
  }'

TypeScript​

import { FVI } from '@falconveritas/sdk';

const fvi = new FVI({
  baseUrl: 'https://api.falconveritas.com',
  bearer: process.env.FVI_JWT!,
  tenantId: process.env.FVI_TENANT_ID!,
});

const submission = await fvi.compliance.emir.submit({
  lei: '529900T8BM49AURSDO55',
  reportAction: 'NEWT',
  fromDate: '2026-08-01',
  toDate: '2026-08-22',
});

console.log('Submission ID:', submission.id);

Python​

from falconveritas import FVI

client = FVI(
  bearer=os.environ["FVI_JWT"],
  tenant_id=os.environ["FVI_TENANT_ID"],
)

submission = client.compliance.emir.submit(
  lei="529900T8BM49AURSDO55",
  report_action="NEWT",
  from_date="2026-08-01",
  to_date="2026-08-22",
)
print("Submission ID:", submission.id)

Troubleshooting​

Last updated: 2026-08-22 · Page owner: Documentation · Source: src/lib/compliance/emir/.