Annex I Processing of reports received from submitting entities
The below diagram presents the transaction reporting process at the national level:
The following table summarises deadlines for the key events in the process:
|
Notation |
Task |
Deadline |
|---|---|---|
|
T |
Transaction execution |
|
|
R |
Submission of transaction reports by reporting entity |
T+1 working day |
|
Provision of feedback to the reporting entities |
R+1 calendar day (R+7 in case of instrument missing in reference data) |
Transactions executed on day T are reported no later than the close of the following working day, i.e. T+1.
It is left to each competent authority’s discretion to prescribe detailed technical procedures and schedules for submissions of reports.
CAs should validate the incoming reports in the following way:
File validation - verify compliance of the file with the XML schema (syntax of the whole file and specific transaction reports). If the file is not compliant, the whole file (all transactions included in the file) is rejected.
Content validation - a set of validation rules that are executed for each transaction report and verify the content of specific fields. Incorrect transaction reports are rejected whereas correct transactions are processed in further steps. These validation rules include validations dependent on instrument reference data.