93. Counterparties should report the conclusion, modification and termination of a derivative.

94. In case none of the details of the derivative, as expressed in the data fields, have changed, the counterparties should not report again details of the derivative. The only exception is the update of the outstanding derivatives in the transition period as described in the section 5.1.

95. Furthermore, the counterparties that are required to report valuation and collateral, i.e. FCs, NFC+ and CCPs, should report on a daily basis the details of valuation and collateral as they stand at the end of the day, for all their outstanding derivatives.

96. Counterparties should report the lifecycle events using one of the action types specified in the draft RTS on reporting:

97. For reporting of the derivative data (Field 151 of Table2):

a. 'New' (NEWT) - to identify a report of a derivative, at a trade or position level, for the first time.

b. 'Modify' (MODI) - to identify a modification to the terms or details of a previously reported derivative, at a trade or position level, but not a correction of a report.

c. 'Correct' (CORR) - to identify a report correcting the erroneous data fields of a previously submitted report.

d. 'Terminate' (TERM) - to identify a termination of an existing derivative, at a trade or position level.