MAP FinTech, on the occasion of its ten-year anniversary, proudly sponsored the Breakfast Event “Navigating EMIR REFIT: Unravelling Regulatory Changes” organised by the Association of Cyprus International Financial Firms (ACIFF), on Thursday, 28 September 2023, at Parklane Resort & Spa Hotel in Limassol. The event focused on the imminent changes to EMIR reporting rules (EMIR REFIT) in Europe and the UK and received high attendance from key local and international market participants.
Since its inception, MAP FinTech has grown alongside the industry, becoming one of the largest regulatory reporting providers in the European Union with a substantial global presence. Today, the company supports a diverse clientele from various subindustries and jurisdictions, continuously enhancing its portfolio with a wide range of additional products and services. Notably, MAP FinTech was established a decade ago in response to the introduction of the initial EMIR regulatory framework.
ACIFF’s Chairman and the CEO of MAP S.Platis Group, Mr. Demetris Taxitaris, kicked things off with a welcoming address that underscored the rapid growth of the financial services sector in Cyprus, highlighting its positive impact on the local economy and emphasizing the critical role of technology in its development.
Dr. Chris Patsalides, Special Adviser to the President of the Republic of Cyprus on Economic Matters, then delivered a keynote address where he analysed the positive trajectory of the Cypriot economy, highlighting key factors for continued progress, including reputation protection, international sanctions compliance, fostering a business-friendly ecosystem, and implementing “smart governance” practices.
Mr. James Hardie, a representative of UnaVista Product at London Stock Exchange Group, then provided a comprehensive breakdown of the changes accompanying the new regulatory framework. He emphasised EMIR’s policies and procedures for data transmission and their role in ensuring a smooth and regulated competitive environment. These changes are set to come into effect on 29 April 2024 in the EU and 30 September 2024 in the UK.
Ms. Niki Nikolaou, a Senior Official from the Cyprus Securities and Exchange Commission (CySEC), followed with a discussion on the role of the Cypriot supervisory authority in implementing the upcoming changes to EMIR reporting. She analysed issues regarding derivative contracts, reconciliation, and the utilisation of internal client codes for identifying legal entity counterparties. Additionally, she highlighted the significant changes and their impact on the financial environment, as well as the implementation of new systems and improved methodological practices by CySEC.
Following the keynote addresses, a panel discussion was held that was moderated by MAP FinTech’s Director, Mr. Luis F. Parra. The panel included Mr. James Hardie, Director of UnaVista Product at the London Stock Exchange Group, Mrs. Niki Nicolaou, Senior Officer at CySEC, Mr. Eric Odotei, Group Head of Regulatory Reporting at Finalto, and Mr. George Markides, Senior Manager in the Compliance Department of MAP S.Platis Group. They engaged in a lively discussion addressing the operational changes and challenges brought by EMIR REFIT.
The event was a great success, attracting more than 140 attendees who received crucial insights, a comprehensive understanding of the forthcoming changes, and tips on how to navigate them effectively.
About MAP FinTech:
MAP FinTech is a leading and award-winning global regulatory technology provider, highly regarded for its proprietary reporting technology and exceptional client-centric, after-sales support. As one of the first providers in Europe to report under EMIR, with billions of transactions reported successfully so far, we have built a reputation for excellence, coupled with the necessary regulatory expertise and technological innovation to help navigate their regulatory obligations.
MAP FinTech can fully assist any firm under EMIR Reporting to seamlessly adapt to the evolving reporting requirements brought on by EMIR REFIT. Contact our team of experts and learn how you can benefit from our innovative and comprehensive regulatory reporting solutions.