266. Please refer to section 8.2.3 for further guidance on the reconcilaition of the valuation data.

Valuation of the contract

267. Article 4 of the draft RTS on reporting provides that the counterparties should report valuation as follows:

a. For cleared derivatives - the valuation of the derivative provided by the CCP. This does not mean that the report should be made by the CCP. The CCP should make data available to counterparties so that the latter report. The use of CCP valuation data does not mean duplication of reporting.

b. For uncleared derivatives - the valuation of the derivative performed in accordance with the methodology defined in International Financial Reporting Standard 13 Fair Value Measurement as adopted by the Union and referred to in the Annex to Commission Regulation (EC) No 1126/2008, without applying any adjustment to the fair value. This means that the counterparties should not apply for the purpose of reporting under EMIR any valuation adjustments (such as CVA or DVA), even if such adjustments are applied for the accounting purposes.

268. When counterparties delegate reporting, including valuations, they retain responsibility for ensuring that reports submitted on their behalf are accurate. In the case of allocation of responsibility for reporting under Article 9(1a)-9(1d) of EMIR, the entity responsible for reporting is responsible for the accuracy of the valuation submitted on behalf of the reporting counterparty.