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EMT – from version 1.0 to 3.0. Get ready with us!

As per the latest MIFiD II guidelines, the European MIFiD Template (EMT) version 3.0 was launched to be produced by manufacturers from December 10, 2019. FinDatEx has provided a period of one year for asset managers to transition from the old EMT to the new version. This means that, by 10th December 2020, we should be able to produce EMT version 3.0.

Evolution of fields in EMT versions at a glance:

Key changes from v.1.0 to v. 3.0 in a few words:

Impact on EMT fields overall:

Impact on EMT Static Data section:

  • Information on reporting « producer » is introduced
  • Financial Instrument Product Type has more detailed classifications
  • Share class types are better identified with new flags for performance fee, distribution, or payment of distribution
  • To align better with German market requirements, compliance with MiFID II product government has been added

Impact on EMT Target Market section:

  • ESG is now a dedicated field of Client Objectives & Needs
  • Reference date is date of setup or validation of the Target Market

Impact on Costs & Charges section:

  • Reference date of the data required for ex-post and for ex-ante
  • Borrowing costs should now be disclosed (ex-ante & ex-post)

How do we implement these changes from data collection?

The table shows the new field names, obligation, data nature and the source of data in EMT3.0. The customer is obliged to provide more data points as shown below:

Note that the 4 Mandatory fields must be sourced/provided by the customer: these data points are static data information, most commonly to be provided via back-office fund accounting systems. The new fields, Conditional, Optional and Indicative, must be analysed on by the customer. If no information is provided, these fields will populate as blank in the report.

If you are adopting the AMT – acarda Asset Manager Template (3.1 version), these fields will be mapped to the corresponding AMT fields as listed above. We will manage the fields obligation change as well as the field name changes on the existing fields in new EMT reports.

Output compare:

Let’s get ready together!

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