FinDatExplatform launches EMT V3 standardising data sharing under MIFID 2

BRUSSELS, 10 December2019 The Financial Data Exchange Templates (FinDatEx) platform today publishesits first template, the 3^rd iteration of the European MiFID Template(EMT V3) available on FinDatEx website.

This template standardisesthe information on target market and costs between product manufacturers and distributors,as required under MiFID 2. The EMT and all other FinDatEx templates are notcompulsory, provided to the industry free of charge and are free of anyintellectual property rights.

FinDatEx wouldlike to thank its coordinators and all members of FinDatExs MiFID workinggroup for their commitment over the past several months. Todays publicationwould not have been possible without their dedication to this project.

Switch-overto EMT V3

All stakeholdersrecognise the huge success of the EMT V1 (where applied) and the significantcommitment of resources required to upgrade to V3. An immediate switch-over toEMT V3 is not required, as all EMT users are anticipated to migrate over to V3by 10 December 2020 at the latest.

Previousversions may continue to be used for the exchange of data until that date.During this transition period, producers of EMT data having already migrated toEMT V3 should issue V1 or V2 upon request and, correspondingly, receivers ofEMT data having migrated to V3 should accept V1 or V2. In order to remove therisks associated with a single conversion date, FinDatEx recommends that firmsmove gradually to EMT V3.

FinDatExunderstands that the Structured Product Industry has, for a number of nationalmarkets, a more pressing need for V3 than the other industries that also usethe EMT. It may therefore be that firms in the Structured Product Industry, inthose relevant markets, will choose to be amongst the first to implement thenew template and may do so from as early as 01 January 2020.

AboutFinDatEx

FinDatEx(Financial Data Exchange Templates) supports the development and use ofstandardised templates to exchange data between European financial sectorinstitutions. It is comprised of the European Association of Cooperative Banks(EACB), the European Banking Federation (EBF), the European Fund and AssetManagement Association (EFAMA), Insurance Europe, the European Association ofPublic Banks (EAPB), the European Savings and Retail Banking Group (ESBG) andthe European Structured Investment Products Association (EUSIPA).

FinDatEx workalready initiated on a Solvency II tripartite template (TPT), European PRIIPstemplates (EPT and CEPT), and a MiFID feedback template will be continued.Other workstreams are also being assessed.