225. Article 8 of the draft ITS on reporting stipulates that when a counterparty undergoes a corporate action resulting in the change of its LEI, that counterparty or the ERR or the entity to which reporting was delegated should notify the relevant TR of the change and request update of the LEI. Furthermore, Article 2 of the draft RTS on data quality provides that the trade repository to which the request , is addressed, shall identify the derivatives outstanding at the time of the corporate restructuring event where the entity is reported with the old identifier in the field "counterparty 1" or "counterparty 2 as informed in the relevant request and shall replace the old identifier with the new LEI in the reports relating to all those derivatives pertaining to that counterparty at the time of the corporate event.

226. Article 2 of the draft RTS also provides the procedure and the timeline to be followed by trade repositories in order to properly finalize the update of the LEIs for all the derivatives pertaining to the counterparty submitting the request under Article 8 of the draft ITS on reporting.

227. The LEI update should occur on the date of the corporate restructuring event. If the request to update the LEI due to a corporate event is received by the TR later than 30 days prior to the corporate event, the TR should perform the update as soon as possible and no later than 30 calendar days from receiving the request.