EMT V4.1 for consultation (deadline: 24 Mar 2023)

The Financial Data Exchange (FinDatEx) platform has launched a consultation on a revised version of the European MiFID Template (EMT). The proposed EMT Version V4.1 includes necessary changes in light of the upcoming entry into force of the „UK consumer duty regime“, that starts to apply from 31 July 2023 for financial products and services. The „UK consumer duty regime“ will introduce a higher level of consumer protection in retail financial services in the UK (please see eventid=16865 and eventid=17433 for details).
The amendments include the following – as quoted:
The draft EMT V4.1 includes 10 new optional fields (which become mandatory and conditional apply only if 09030 is set to „Y“) required for funds being distributed in the UK. These fields include:
– 09010 & 09020: Ex-ante and ex-post transaction costs (using the UK calculation methodology)
– 09030-09100: fields providing information on UK value for money
Depending on whether a product is being distributed into the UK, „the EMT V4.0 and V4.1 will be used in parallel“.