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FinFrag

Last stage of “Finfrag” delayed by a further 5 years

Finma, the Swiss National Competent Authority, on Friday announced a 5 year further delay to the start of reporting under the Financial Markets Infrastructure Act (FMIA, also known as “Finfrag”) to 1st January 2024. The announcement can be found here.  It follows a 9 month delay of the deadline announced almost a year ago from 1st April 2018 to 1st January 2019 (see here).

The delay applies to “NFC-” entities  (non financial counterparties) under the clearing threshold) based in Switzerland. Reporting for other types of entity has already started. The delay will likely impact many commodity traders who are in this category.  Several reasons are stated for the delay, including possible upcoming changes and the advent of “Regtech” technology. REGIS-TR, one of the approved Trade Repositories for Finfrag, have made this announcement.

 

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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