16. Under the 2015 Guidelines, CRAs are required to submit information according to quarterly or semi-annual frequencies. To a large degree these reporting frequencies have been reduced for the vast number of items under the proposed Guidelines, with only one item needing to be reported on a quarterly basis, and then only by category 1 CRAs.

17. As a result, under the proposed revised Guidelines ESMA is proposing that "category 1" CRAs should now submit information on a predominantly semi-annual or annual basis, while "category 2" CRAs should report on a predominantly annual or bi-annual basis. The applicable frequency being dependent on a combination of the CRA’s reporting categorisation ("category 1" or "category 2" CRAs) and the type of the information to be reported.

18. This change in approach to the reporting framework could be described as having the effect of moving from a one-year reporting horizon to one with a two-year reporting horizon. The benefit of this change is that it allows ESMA greater latitude to adjust reporting requirements applicable to different types of information.

19. Nevertheless, with a view to maintaining consistency of approach with the 2015 Guidelines, the reporting periods and submission deadlines applicable to quarterly and semi-annual submissions have been maintained to the greatest extent possible. Although these frequencies are only applicable to "category 1" CRAs.