Implementing Regulation (EU) No 1247/2012 is amended as follows:

(1)Article 3 is replaced by the following:

'Article 3 Identification of counterparties and other entities

A report shall use a legal entity identifier to identify:

(a) a beneficiary which is a legal entity;

(b) a broking entity;

(c) a CCP;

(d) a clearing member;

(e) a counterparty which is a legal entity;

(f) a submitting entity.';

(2) the following Articles 3a and 3b are inserted:

'Article 3a Counterparty side

1. The counterparty side to the derivative contract referred to in field 14 of Table 1 of the Annex shall be determined in accordance with paragraphs 2 to 10.

2. In the case of options and swaptions, the counterparty that holds the right to exercise the option shall be identified as the buyer and the counterparty that sells the option and receives a premium shall be identified as the seller.