391. The amendment to EMIR introduced by EMIR REFIT includes also a reference in Article 78(9)(c) EMIR that a TR shall establish policies and procedures “for the orderly transfer of data to other trade repositories where requested by the counterparties or CCPs referred to in Article 9 or where otherwise necessary.”

392. In this regard it is worth noting that ESMA published in August 2017 “Guidelines on the transfer of data between Trade Repositories”. First of all, they clarified the necessary arrangements to foster and facilitate a consistent application of the relevant EMIR requirements that underpin a competitive TR environment. Furthermore, these Guidelines help ensuring high quality data available to authorities, including the aggregations carried out by TRs, even in those cases where the TR participant changes the TR to which their derivatives were reported. In addition, the Guidelines propose a consistent and harmonised way to transfer records from one TR to another TR and support the continuity of reporting and reconciliation in all cases including the withdrawal of registration of a TR. Finally, to ensure consistent implementation across TRs, the Guidelines better clarify the expected compliance with the requirement established in Article 79(3) EMIR for the transfer of reporting flow in the case of withdrawal of registration of a TR.