1. An application for registration as a trade repository shall contain information about the receipt and administration of data, including any policies and procedures put in place by the applicant to ensure:

(a) a timely and accurate registration of the information reported;

(b) a record-keeping of all reported information relating to the conclusion, modification or termination of a derivative contract in a reporting log identifying the person or persons that requested the action, including the trade repository itself if applicable, the reasons for such action, the date and time of the action and the old and new data as set out in the Annex to Commission Implementing Regulation (EU) 2022/1860 [Commission Implementing Regulation (EU) 2022/1860 of 10 June 2022 laying down implementing technical standards for the application of Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to the standards, formats, frequency and methods and arrangements for reporting (OJ L L262, 7.10.2022, p. 68).]

(c) that the data is maintained both online and offline;

(d) that the data is adequately copied for business continuity purposes.

2. An application for registration as a trade repository shall contain information on the recordkeeping systems, policies and procedures that are used in order to ensure that the data reported is modified appropriately and that positions are calculated correctly in accordance with relevant legislative or regulatory requirements.