is a legal project born out of the requirements of the new reporting rules imposed by EU Regulation 648/2012. Named the European Market Infrastructure Regulation (EMIR) Regulatory Fitness and Performance Program (Refit).Financial counterparties must report details of any derivative contract entered into, modification or termination to a trade repository, registered or ecognized This obligation applies to derivatives traded over the counter (OTC).The reporting obligation is predominantly bilateral, with both counterparties required to report resulting in overlapping declarations themselves