in force 2024-12-24 MODIFIED+1,208 −12§
Amended by Regulation (EU) 2024/2987 32024R2987 · Regulation (EU) 2022/1671 32022R1671
applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)
dates added to the text: 2025-12-25
Paragraph 1 now includes a new subparagraph requiring financial counterparties, non-financial counterparties and CCPs to put in place appropriate procedures and arrangements to ensure the quality of the data they report, and a further new subparagraph on a Union parent undertaking of a non-financial counterparty within a group reporting net aggregate positions by class of derivatives to its competent authority on a weekly basis, with that authority sharing the information with ESMA and the relevant competent authority.
In the third-country exemption conditions of paragraph 1a, the word "and" is added at the end of point (a).
Paragraph 1e now adds that correct, non-duplicated reporting must be ensured including where the reporting obligation has been delegated under paragraph 1f, and a new paragraph 4a is added directing ESMA, with EBA and EIOPA, to draft guidelines by 25 December 2025 specifying the procedures and arrangements referred to in the new second subparagraph of paragraph 1.
Cited: Art. 9, v2 · Art. 9, v1
text before / after
02012R0648-20220812 → 02012R0648-20241224
Article 9
Reporting obligation
1. Counterparties and CCPs shall ensure that the details of any derivative contract they have concluded and of any modification or termination of the contract are reported in accordance with paragraphs 1a to 1f of this Article to a trade repository registered in accordance with Article 55 or recognised in accordance with Article 77. The details shall be reported no later than the working day following the conclusion, modification or termination of the contract.
Financial counterparties, non-financial counterparties and CCPs subject to the reporting obligation shall put in place appropriate procedures and arrangements to ensure the quality of the data they report in accordance with this Article.
Where a non-financial counterparty that is part of a group meets the conditions set out in Article 10(1), second subparagraph, and benefits from the exemption set out in the fifth subparagraph of this paragraph, the Union parent undertaking of that non-financial counterparty shall report the net aggregate positions by class of derivatives of that non-financial counterparty to its competent authority on a weekly basis. For a counterparty established in the Union, the competent authority of the parent undertaking shall share the information with ESMA and with the competent authority of that counterparty.
The reporting obligation shall apply to derivative contracts which:
(a) were entered into before 12 February 2014 and remain outstanding on that date;
(b) were entered into on or after 12 February 2014.
Notwithstanding Article 3, the reporting obligation shall not apply to … 349 unchanged words … Article and shall not be legally liable for reporting or ensuring the correctness of the details of such OTC derivative contracts, provided that:
(a) that third-country entity would be qualified as a financial counterparty if it were established in the Union;
and
(b) the legal regime for reporting to which that third-country entity is subject has been declared equivalent pursuant to Article 13; and
(c) the third-country financial counterparty has reported such information pursuant to that third-country legal regime for reporting to a trade repository that is subject to a legally binding and enforceable obligation to grant the entities referred to in Article 81(3) direct and immediate access to the data.
1b. The management company of a UCITS shall be responsible, and legally liable, for reporting the details of OTC derivative contracts to which that UCITS is a counterparty, as well as for ensuring the correctness of the details reported.
1c. The AIFM shall be responsible, and legally liable, for reporting the details of OTC derivative contracts to which the relevant AIF is a counterparty, as well as for ensuring the correctness of the details reported.
1d. The authorised entity that is responsible for managing and acting on behalf of an IORP that, in accordance with national law, does not have legal personality shall be responsible, and legally liable, for reporting the details of OTC derivative contracts to which that IORP is a counterparty, as well as for ensuring the correctness of the details reported.
1e. Counterparties and CCPs that are required to report the details of derivative contracts shall ensure that such details are reported correctly and without duplication. duplication, including where the reporting obligation has been delegated in accordance with paragraph 1f.
1f. Counterparties and CCPs that are subject to the reporting obligation referred to in paragraph 1 may delegate that reporting obligation.
2. Counterparties shall keep a record of any derivative contract they have concluded and any modification for at least five years following the termination of the contract.
3. Where a trade repository is not available to record the details of a derivative contract, counterparties and CCPs shall ensure that such details are reported to ESMA.
In this case ESMA shall ensure that all the relevant entities referred to in Article 81(3) have access to all the details of derivative contracts they need to fulfil their respective responsibilities and mandates.
4. A counterparty or a CCP that reports the details of a derivative contract to a trade repository or to ESMA, or an entity that reports such details on behalf of a counterparty or a CCP shall not be considered in breach of any restriction on disclosure of information imposed by that contract or by any legislative, regulatory or administrative provision.
No liability resulting from that disclosure shall lie with the reporting entity or its directors or employees.
4a. By 25 December 2025 ESMA, in cooperation with EBA and EIOPA, shall draft guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 to further specify the procedures and arrangements referred to in the paragraph 1, second subparagraph.
5. In order to ensure consistent application of this Article, ESMA shall develop draft regulatory technical standards specifying the details and type of the reports referred to in paragraphs 1 and 3 for the different classes of derivatives.
The reports referred to in paragraphs 1 and 3 shall specify at least:
(a) the parties to the derivative contract and, where different, the beneficiary of the rights and obligations arising from it;
(b) the main characteristics of the derivative contracts, including their type, underlying maturity, notional value, price, and settlement date.
ESMA shall submit those draft regulatory technical standards to the Commission by 30 September 2012.
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
6. To ensure uniform conditions of application of paragraphs 1 and 3, ESMA shall, in close cooperation with the ESCB, develop draft implementing technical standards specifying:
(a) the data standards and formats for the information to be reported, which shall include at least the following:
(i) global legal entity identifiers (LEIs);
(ii) international securities identification numbers (ISINs);
(iii) unique trade identifiers (UTIs);
(b) the methods and arrangements for reporting;
(c) the frequency of the reports;
(d) the date by which derivative contracts are to be reported.
In developing those draft implementing technical standards, ESMA shall take into account international developments and standards agreed upon at Union or global level, and their consistency with the reporting requirements laid down in Article 4 of Regulation (EU) 2015/2365Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 (OJ L 337, 23.12.2015, p. 1). and Article 26 of Regulation (EU) No 600/2014.
ESMA shall submit those draft implementing technical standards to the Commission by 18 June 2020.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.