5. Article 9(1)(a) of EMIR as amended by EMIR REFIT provides that: "Financial counterparties shall be solely responsible, and legally liable, for reporting on behalf of both counterparties, the details of OTC derivative contracts concluded with a nonfinancial counterparty that does not meet the conditions referred to in the second subparagraph of Article 10(1) [of EMIR], as well as for ensuring the correctness of the details reported." Furthermore, the same Article requires that "To ensure that the financial counterparty has all the data it needs to fulfil the reporting obligation, the nonfinancial counterparty shall provide the financial counterparty with the details of the OTC derivative contracts concluded between them, which the financial counterparty cannot be reasonably expected to possess. The non-financial counterparty shall be responsible for ensuring that those details are correct."

6. The responsibility and liability of the financial counterparties (FC) for the reporting on behalf of the non-financial counterparty that does not meet the conditions referred to in the second subparagraph of Article 10(1) of EMIR (hereafter "NFC-"), is a new provision introduced by EMIR REFIT. It aims to reduce the burden of reporting OTC derivative contracts for NFC-.