64. The Article 9(1a) of EMIR introduces the principle 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 an NFC-. Nevertheless, the 3rd subparagraph of that Article allows NFC- to continue to report the details of those OTC derivative contracts to a trade repository.

65. Article 9(2) of the draft ITS on reporting specifies the requirements related to the arrangements to be put in place with regards to the transfer of responsibility and legal liability:

a. Timely provision of details by the NFC- to the FC with regards to information the "FC cannot be reasonably expected to possess", indicating a list of fields for which the details should be provided by the NFC- to the FC.

b. Timely information of the change in the reporting responsibility, i.e. when the NFC- becomes NFC+ or vice versa.

c. Requirements for the NFC- to renew its LEI so that the status of the LEI is "issued" each time a derivative is concluded.

d. Timely notification by the NFC- if it decides to cease the "opt-out" so that the FC becomes responsible for reporting on its behalf.