321. Date and time of confirmation, as determined pursuant to Article 12 of the RTS on clearing arrangements constitute the "Confirmation timestamp" that should be reported in th field 2.28, confirmation means should be reported in the field 2.29.

322. The timely confirmation requirement applies only to non-cleared OTC contracts. In the case of trades executed on third-country venues that are not equivalent to regulated market, those trades are considered OTC under certain provisions of EMIR. This means that fields "Confirmation timestamp" and "Confirmed" have to be reported to the extent that these trades are not cleared.

323. The value 'NCNF' (unconfirmed) should be used for the field 'Confirmed' either when:

a. The derivative has to be confirmed by the counterparties but has not been confirmed yet; or

b. The derivative does not have to be confirmed by the counterparties because it has been traded on a trading venue and once traded all the terms of the contracts are known and agreed by the parties.

324. In other cases, the counterparties should report the 'ECNF' or 'YCNF' value for this field depending on the confirmation means used (electronic or non-electronic) and the field "Confirmation timestamp" shall be populated.

325. If the value 'NCNF' is used, the field "Confirmation timestamp" should be left blank.