141. Article 9(1) of EMIR as amended by EMIR REFIT sets out obligations with respect to reporting of lifecycle events, by stating that “Counterparties and CCPs shall ensure that the details of any derivative contract they have concluded and of any modification or termination of the contract are reported”.

142. Sufficiently detailed and transparent requirements on reporting of lifecycle events are necessary to ensure that the authorities can obtain a holistic and accurate view of the exposures in the market at any point in time. Therefore, this information is pivotal for the monitoring of the systemic risk and for increasing the transparency of the derivatives market.

143. Furthermore, it is recognised that instances of counterparties committing errors at the time of reporting do exist, e.g. a counterparty incorrectly reports the detail of a derivative contract or report trades that are not in the scope of the reporting obligations under EMIR. Such incorrect reports impact the usefulness of EMIR data and obscures the information received by the competent authorities. Therefore, it is equally important that the reporting specifications allow the counterparties to correct the inaccurate reports in a swift and efficient manner. This enables them to comply with the legal obligation to ensure the correctness of the reported information.