5.2.3 Reportability in specific scenarios
39. Reporting under EMIR is dual-sided, i.e. both counterparties to derivative contracts are required to report if they fall under the scope of EMIR. As a consequence, for a derivative entered into by two counterparties subject to EMIR, the same derivative contract is expected to be reported twice, once on behalf of each counterparty, and the details of the reported derivative should be consistent across both reports.
40. Article 9(1e) stipulates that counterparties and CCPs should ensure that such details are reported correctly and without duplication. Based on this requirement, counterparties or other entities responsible for reporting should put in place processes and controls in order to avoid the risk of duplicate reporting. This is particularly important (i) in the case of a change of TR (ensure that the reports are channelled to the right TR), (ii) in the case of a corporate event such as a merger or an acquisition (avoid reporting the same derivative on behalf of the wrong entity) or (iii) in the case of changes in delegation (ensure that only one delegate reports a derivative). In case a duplicate report is identified the counterparty should immediately take corrective actions with diligence in order to resolve the problem.