02012R1247 — EN — 10.02.2017 — 001.001

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►B COMMISSION IMPLEMENTING REGULATION (EU) No 1247/2012 of 19 December 2012 laying down implementing technical standards with regard to the format and frequency of trade reports to trade repositories according to Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories (Text with EEA relevance) (OJ L 352 21.12.2012, p. 20)

Amended by:









▼B

COMMISSION IMPLEMENTING REGULATION (EU) No 1247/2012

of 19 December 2012

laying down implementing technical standards with regard to the format and frequency of trade reports to trade repositories according to Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories

(Text with EEA relevance)







Article 1

Format of derivative contract reports

The information contained in a report under Article 9 of Regulation (EU) No 648/2012 shall be provided in the format specified in the Annex to this Regulation.

Article 2

Frequency of derivative contract reports

Where provided for in Article 11(2) of Regulation (EU) No 648/2012, mark to market or mark to model valuations of contracts reported to a trade repository shall be done on a daily basis. Any other reporting elements as provided for in the Annex to this Regulation and the Annex to the delegated act with regard to regulatory technical standards specifying the minimum details of the data to be reported to trade repositories pursuant to Article 9(5) of Regulation (EU) No 648/2012 shall be reported as they occur and taking into account the time limit foreseen under Article 9 of Regulation (EU) No 648/2012, notably as regards the conclusion, modification or termination of a contract.

Article 3

Identification of counterparties and other entities

1. A report shall use a legal entity identifier to identify:

(a) a beneficiary which is a legal person;

(b) a broking entity;

(c) a CCP;

(d) a clearing member which is a legal person;

(e) a counterparty which is a legal entity;

(f) a submitting entity.

2. Where a legal entity identifier is not available, the report shall include an interim entity identifier as defined at the Union level which is:

(a) unique;

(b) neutral;

(c) reliable;

(d) open source;

(e) scalable;

(f) accessible;

(g) available at a reasonable cost basis;

(h) subject to an appropriate governance framework.

3. Where neither a legal entity identifier nor an interim entity identifier is available, a report shall use a Business Identifier Code in accordance with ISO 9362 where available.

Article 4

Identification of Derivatives

1. A report shall identify a derivative contract using a unique product identifier which is:

(a) unique;

(b) neutral;

(c) reliable

(d) open source;

(e) scalable;

(f) accessible;

(g) available at a reasonable cost basis;

(h) subject to an appropriate governance framework.

2. Where a unique product identifier does not exist, a report shall identify a derivative contract by using the combination of the assigned ISO 6166 ISIN code or Alternative Instrument Identifier code with the corresponding ISO 10962 CFI code.

3. Where the combination referred to in paragraph 2 is not available, the type of derivative shall be identified on the following basis:

(a) the derivative class shall be identified as one of the following:

(i) commodities;

(ii) credit;

(iii) foreign exchange;

(iv) equity;

(v) interest rate;

(vi) other.

(b) the derivative type shall be identified as one of the following:

(i) contracts for difference;

(ii) forward rate agreements

(iii) forwards;

(iv) futures;

(v) options;

(vi) swaps;

(vii) other.

(c) in the case of derivatives not falling into a specific derivative class or derivative type, the report shall be made on the basis of the derivative class or derivative type that the counterparties agree the derivative contract most closely resembles.

Article 5

Reporting start date

1. Credit derivative and interest rate derivative contracts shall be reported:

(a) by 1 July 2013, where a trade repository for that particular derivative class has been registered under Article 55 of Regulation (EU) No 648/2012 before 1 April 2013;

(b) 90 days after the registration of a trade repository for a particular derivative class under Article 55 of Regulation (EU) No 648/2012, where there is no trade repository registered for that particular derivative class before or on 1 April 2013,;

(c) by 1 July 2015, where there is no trade repository registered for that particular derivative class under Article 55 of Regulation (EU) No 648/2012 by 1 July 2015. The reporting obligation shall commence on this date and contracts shall be reported to ESMA in accordance with Article 9(3) of that Regulation until a trade repository is registered for that particular derivative class.

2. Derivative contracts not referred to in paragraph 1 shall be reported:

(a) by 1 January 2014, where a trade repository for that particular derivative class has been registered under Article 55 of Regulation (EU) No 648/2012 before 1 October 2013;

(b) 90 days after the registration of a trade repository for a particular derivative class under Article 55 of Regulation (EU) No 648/2012, where there is no trade repository registered for that particular derivative class before or on 1 October 2013;

(c) by 1 July 2015, where there is no trade repository registered for that particular derivative class under Article 55 of Regulation (EU) No 648/2012 by 1 July 2015. The reporting obligation shall commence on this date and contracts shall be reported to ESMA in accordance with Article 9(3) of that Regulation until a trade repository is registered for that particular derivative class.

3. Those derivative contracts which were outstanding on 16 August 2012 and are still outstanding on the reporting start date shall be reported to a trade repository within 90 days of the reporting start date for a particular derivative class.

▼M1

4. The following derivative contracts which are not outstanding on the commencement date for reporting for a particular derivative class shall be reported to a trade repository within five years of that date:

(a) derivative contracts that were entered into before 16 August 2012 and were still outstanding on 16 August 2012;

(b) derivative contracts that were entered into on or after 16 August 2012.

▼B

5. The reporting start date shall be extended by 180 days for the reporting of information referred to in Article 3 of the delegated act with regard to regulatory technical standards specifying the minimum details of the data to be reported to trade repositories pursuant to Article 9(5) of Regulation (EU) No 648/2012.

Article 6

Entry into force

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

This Regulation shall be binding in its entirety and directly applicable in all Member States.









ANNEX







Table 1 Counterparty Data Field Format Parties to the contract 1 Reporting timestamp ISO 8601 date format / UTC time format. 2 Counterparty ID Legal Entity Identifier (LEI) (20 alphanumerical digits), interim entity identifier (20 alphanumerical digits), BIC (11 alphanumerical digits) or a client code (50 alphanumerical digits). 3 ID of the other Counterparty Legal Entity Identifier (LEI) (20 alphanumerical digits), interim entity identifier (20 alphanumerical digits), BIC (11 alphanumerical digits) or a client code (50 alphanumerical digits). 4 Name of the counterparty 100 alphanumerical digits or blank in case of coverage by Legal Entity Identifier (LEI). 5 Domicile of the counterparty 500 alphanumerical digits or blank in case of coverage by Legal Entity Identifier (LEI). 6 Corporate sector of the counterparty Taxonomy: A = Assurance undertaking authorised in accordance with Directive 2002/83/EC; C = Credit institution authorised in accordance with Directive 2006/48/EC; F = Investment firm in accordance with Directive 2004/39/EC; I = Insurance undertaking authorised in accordance with Directive 73/239/EEC; L = Alternative investment fund managed by AIFMs authorised or registered in accordance with Directive 2011/61/EU; O = Institution for occupational retirement provision within the meaning of Article 6(a) of Directive 2003/41/EC; R = Reinsurance undertaking authorised in accordance with Directive 2005/68/EC; U = UCITS and its management company, authorised in accordance with Directive 2009/65/EC; or blank in case of coverage by Legal Entity Identifier (LEI) or in case of non-financial counterparties. 7 Financial or non-financial nature of the counterparty F=Financial Counterparty, N=Non-Financial Counterparty. 8 Broker ID Legal Entity Identifier (LEI) (20 alphanumerical digits), interim entity identifier (20 alphanumerical digits), BIC (11 alphanumerical digits) or a client code (50 alphanumerical digits). 9 Reporting entity ID Legal Entity Identifier (LEI) (20 alphanumerical digits), interim entity identifier (20 alphanumerical digits), BIC (11 alphanumerical digits) or a client code (50 alphanumerical digits). 10 Clearing member ID Legal Entity Identifier (LEI) (20 alphanumerical digits), interim entity identifier (20 alphanumerical digits), BIC (11 alphanumerical digits) or a client code (50 alphanumerical digits). 11 Beneficiary ID Legal Entity Identifier (LEI) (20 alphanumerical digits), interim entity identifier (20 alphanumerical digits), BIC (11 alphanumerical digits) or a client code (50 alphanumerical digits). 12 Trading capacity P=Principal, A=Agent. 13 Counterparty side B=Buyer, S=Seller. 14 Trade with non-EEA counterparty Y=Yes, N=No. 15 Directly linked to commercial activity or treasury financing Y=Yes, N=No. 16 Clearing threshold Y=Above, N=Below. 17 Mark to market value of contract Up to 20 numerical digits in the format xxxx,yyyyy. 18 Currency of mark to market value of the contract ISO 4217 Currency Code, 3 alphabetical digits. 19 Valuation date ISO 8601 date format. 20 Valuation time UTC time format. 21 Valuation type M=mark to market / O=mark to model. 22 Collateralisation U=uncollateralised, PC= partially collateralised, OC=one way collateralised or FC=fully collateralised. 23 Collateral portfolio Y=Yes, N=No. 24 Collateral portfolio code Up to 10 numerical digits. 25 Value of the collateral Specify the value the total amount of collateral posted; up to 20 numerical digits in the format xxxx,yyyyy. 26 Currency of the collateral value Specify the currency of field 25; ISO 4217 Currency Code, 3 alphabetical digits.