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Far more US financial institutions say they aren’t ready for upcoming regulations than is the case with their European peers, according to a study. 

While 38 per cent of respondents with European Market Infrastructure Regulation Refit requirements are confident that they'll be ready or have made significant progress on the program – expected to go live in the first half of 2024 – more than half of respondents with Commodity Futures Trading Commission (CFTC) Rewrite reporting requirements are not ready for December's implementation date. (EMIR is designed to mitigate the systemic risks inherent in the European derivatives market. It is scheduled to go live in the first half of 2024. The Rewrite requirements, due to go live in late 2023, address changes to the swaps market.)

The findings come from the S&P Global Market Intelligence Global Regulatory Reporting Survey, published today.

The survey found that 99 per cent of respondents indicate having reporting obligations in at least two jurisdictions.

"The industry has matured significantly over the past decade and there is a realization that reporting requirements will continue to change and evolve, and firms need to plan ahead, not only for new regulations, but in terms of how best to benefit from improved technology and global solutions," Ronen Kertis, head of Cappitech, S&P Global Market Intelligence, said. "In some regions, we are starting to see a genuine shift in the way in which firms consider and plan for their regulatory reporting requirements, while there are other regions where work still needs to be done."

Survey data was collected during August and September from 89 respondents, of which 51 per cent worked for banks, 18 per cent asset managers and 9 per cent brokers. Some 31 per cent were from Global Tier 1 organizations. The geographic spread was also varied with 37 per cent of respondents based in Europe, 31 per cent in the UK, 7 per cent in North America and 25 per cent in Asia-Pacific.