192. ESMA provides below a mapping between business events and the corresponding action types and event types the counterparties should use in connection with the respective events.

193. contains a column 'Reportable?' which provides clarifications on the reportability of each event. As a general rule, however, counterparties should report any new trades that fall under the reporting scope and any modification that affects the reported details.

194. Some of the business events (e.g. the default of other counterparty) might differ from a general case presented in the table. Hence, actual sequence of the reportable events might in some cases differ from the given examples and should always reflect the real-world events as closely as possible.

195. When reporting early termination events (due to e.g. full termination or early exercise of the derivative contract), counterparties should choose the reportable action type based on the effective date of the event. If the agreed termination date is for the same day as notice of termination, counterparties should use the 'Terminate' action type. If the agreed event takes place in the future, counterparties should use 'Modify' action type and update the maturity date to reflect the agreed-upon termination date.

Table 11 [view table in PDF]

Q32. Do you agree with the interpretation of the business events and the suggested action and event types?