Banks are turning their focus from deadlines for reporting transactions as mandated by the Dodd-Frank Act to complying with the European Market Infrastructure Regulation's reporting requirements. Executives say they are facing additional challenges in complying with the EU rules. "There was a general view that because data had already been sent to the U.S. Depository Trust & Clearing Corp. and been onward reported, the big building blocks were in place," said Richard Norman of Royal Bank of Scotland. "That's not a completely incorrect view, but we are seeing more challenges to delivering according to the EMIR regulations than was initially expected."

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