25. There is no explicit definition of delegation in EMIR or EMIR REFIT. EMIR however mentions in Recital 45 and stipulates in Article 9 that counterparties should be able to delegate their reporting to another entity and that reporting on behalf of other entities is not considered as breach of any restriction on disclosure. The delegation of reporting however does not transfer the allocation of responsibility which ultimately lies with the counterparty having the reporting obligation or entity responsible for reporting on behalf of the counterparty.

26. The Commission Delegated Regulation (EU) No 148/2013, as amended by Commission Delegated Regulation (EU) 2017/104, only mentions delegation of reporting (or related issues) in Recitals 1 and 3. It does not include any other specific provisions on delegated reporting. However, in Table 1 of the Annex a specific field for identification of the report submitting entity is defined.

27. The current approach to delegation of reporting has shown a series of shortcomings.