Cecabank has expanded its regulatory reporting solution Regulatory Reporting as a Service (RRaaS) to facilitate compliance with new requirements for derivatives contracts. Thus, in addition to covering the reporting requirements of regulations such as EMIR UK, MiFID II and SFTR, it also covers EMIR REFIT requirements
Several institutions have already chosen Cecabank's solution to ensure compliance with EMIR REFIT requirements
MADRID, 8 MAY 2024.- The recent entry into force of the amendment to the EMIR regulation (EMIR REFIT) [1] establishes a series of new obligations in the regulation governing reporting to a Trade Repository for all those investors who trade derivative contracts. The new rules imply greater technical challenges and reporting complexity with significant operational implementation efforts in terms of new data requirements, both in terms of the number of fields to be reported - from 129 in EMIR to 203 in EMIR REFIT - and in terms of the management of the life cycle of transactions.
Cecabank's RRaaS solution, selected by numerous institutions to ensure compliance with EMIR REFIT
Cecabank, a bank specialising in the analysis, development and implementation of solutions concerning compliance with banking regulations, has expanded the scope of its Regulatory Reporting as a Service (RRaaS) service and its ETD derivatives reporting coverage. It thus provides comprehensive coverage of the specific requirements of EMIR REFIT through a modular, flexible and scalable solution, which continues to cover the requirements of EMIR UK, MiFID II and SFTR.
In the words of Massimo Salerno, Director of Treasury Management, Risk and Reporting Services at Cecabank: 'Today Cecabank is proud to announce an important milestone in the provision of transactional regulatory reporting services. The hard work undertaken over the past fifteen months, in terms of analysing regulatory requirements and implementing new features in the operational reporting flow, has allowed us to develop a solution that is perfectly adapted, from day one, to the needs of our customers; we are committed to providing our customers with an optimal user experience. This new regulatory reporting solution represents a further step in the consolidation of Cecabank's Treasury Management, Risk and Reporting ecosystem'.
[1] Commission Implementing Regulation (EU) 2022/1860 of 10 June 2022 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 (EMIR).
