20. As from 18/06/2020, as a rule FC are legally responsible and legally liable for the reporting of OTC derivative contracts concluded with NFC-. However, NFC- may decide to report the details of their OTC derivative contracts. The following proposals apply when NFC- choose to perform the reporting of the OTC derivative contracts by themselves as foreseen under third subparagraph of Article 9(1a) of EMIR REFIT and are made to ensure that reporting in such case is performed without duplication and in a timely manner. The information to be provided to FC when NFC- do not perform the reporting by themselves is specified under section 4.1.1

21. NFC- should inform FC, in writing or other equivalent electronic means, of their decision to perform the reporting of the data of the OTC derivative contracts concluded with FC. NFC- should inform FC of their intention to perform the reporting as soon as possible and no later than at least 5 working days before the obligation enters into force for the FC in order to avoid duplicated reporting.

22. The decision taken by NFC- should in principle cover all OTC derivative contracts concluded with the FC. However, NFC- may decide to partially perform the reporting of certain OTC derivative contracts. If so, the written procedures or agreements concluded between NFC- and FC as described under section 4.1.1 should clearly define the responsibilities of each counterparty.