This level of regulatory change has created a complex set of regulatory reporting requirements. The European Commission recently undertook a review of financial regulations inviting industry feedback from 300 market participants. The respondents stated that “Reporting requirements are perceived as too numerous and too complex.”(EC, Dec 17)

The complexity has resulted in poor data quality being submitted for regulatory reporting; 72.4% of Central Banks believe there is gaps in EMIR data and only 55% think the data quality is “good”. (IFC, Oct 18).