Article 9 — Reporting obligation — compare

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From: 12 August 2022 · Consolidated version of 12 August 2022 · Verified 9 Nov 2026 · Official source
To: 11 November 2026 · Consolidated version of 24 December 2024 · Verified 10 Nov 2026 · Official source

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.

9(1)(1)

(1)~~The reporting obligation shall apply to derivative contracts which:~~

9(1)(1)(a)

(a)~~were entered into before 12 February 2014 and remain outstanding on that date;~~

9(1)(1)(b)

(b)~~were entered into on or after 12 February 2014.~~

9(1)(2)

(2)Notwithstanding Article 3, the reporting obligation shall not apply to derivative contracts within the same group where at least one of the counterparties is a non-financial counterparty or would be qualified as a non-financial counterparty if it were established in the Union, provided that:

9(1)(2)(a)

(a)~~both counterparties are included in the same consolidation on a full basis;~~

9(1)(2)(b)

(b)~~both counterparties are subject to appropriate centralised risk evaluation, measurement and control procedures; and~~

9(1)(2)(c)

(c)~~the parent undertaking is not a financial counterparty.~~

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:

9(1)(a)

(a)were entered into before 12 February 2014 and remain outstanding on that date;

9(1)(b)

(b)were entered into on or after 12 February 2014.

Notwithstanding Article 3, the reporting obligation shall not apply to derivative contracts within the same group where at least one of the counterparties is a non-financial counterparty or would be qualified as a non-financial counterparty if it were established in the Union, provided that:

(a)both counterparties are included in the same consolidation on a full basis;

(b)both counterparties are subject to appropriate centralised risk evaluation, measurement and control procedures; and

(c)the parent undertaking is not a financial counterparty.

9(1a)

1a.Financial counterparties shall be solely responsible, and legally liable, for reporting on behalf of both counterparties, the details of OTC derivative contracts concluded with a non-financial counterparty that does not meet the conditions referred to in the second subparagraph of Article 10(1), as well as for ensuring the correctness of the details reported.

To ensure that the financial counterparty has all the data it needs to fulfil the reporting obligation, the non-financial counterparty shall provide the financial counterparty with the details of the OTC derivative contracts concluded between them, which the financial counterparty cannot be reasonably expected to possess. The non-financial counterparty shall be responsible for ensuring that those details are correct.

Notwithstanding the first subparagraph, non-financial counterparties who have already invested in a reporting system may decide to report the details of their OTC derivative contracts with financial counterparties to a trade repository. In that case, the non-financial counterparties shall inform the financial counterparties with which they have concluded OTC derivative contracts of their decision prior to reporting those details. In that situation, the non-financial counterparties shall be responsible, and legally liable, for reporting those details and for ensuring their correctness.

9(1a)(1)

(1)A non-financial counterparty that does not meet the conditions referred to in the second subparagraph of Article 10(1) and that concludes an OTC derivative contract with an entity established in a third country shall not be required to report pursuant to this Article and shall not be legally liable for reporting or ensuring the correctness of the details of such OTC derivative contracts, provided that:

9(1a)(1)(a)

(a)~~that third-country entity would be qualified as a financial counterparty if it were established in the Union;~~

9(1a)(1)(b)

(b)~~the legal regime for reporting to which that third-country entity is subject has been declared equivalent pursuant to Article 13; and~~

9(1a)(1)(c)

(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.

A non-financial counterparty that does not meet the conditions referred to in the second subparagraph of Article 10(1) and that concludes an OTC derivative contract with an entity established in a third country shall not be required to report pursuant to this Article and shall not be legally liable for reporting or ensuring the correctness of the details of such OTC derivative contracts, provided that:

9(1a)(a)

(a)that third-country entity would be qualified as a financial counterparty if it were established in the Union; and

9(1a)(b)

(b)

9(1a)(c)

9(1e)

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, including where the reporting obligation has been delegated in accordance with paragraph 1f.

9(1f)

1f.Counterparties and CCPs that are subject to the reporting obligation referred to in paragraph 1 may delegate that reporting obligation.

9(4a)

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.

~~ESMA shall submit those draft regulatory technical standards to the Commission by 30 September 2012.~~The reports referred to in paragraphs 1 and 3 shall specify at least:

9(5)(1)

(1)~~The reports referred to in paragraphs 1 and 3 shall specify at least:~~

9(5)(1)(a)

(a)~~the parties to the derivative contract and, where different, the beneficiary of the rights and obligations arising from it;~~

9(5)(1)(b)

(b)~~the main characteristics of the derivative contracts, including their type, underlying maturity, notional value, price, and settlement date.~~

9(5)(a)

(a)the parties to the derivative contract and, where different, the beneficiary of the rights and obligations arising from it;

9(5)(b)

(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.

9(6)

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:

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) 2015/2365 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.

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