562. Where a counterparty ceases to exist, without being acquired or merged, no derivatives should remain outstanding at the trade repository.

563. If the reporting counterparty reports directly to the TR, and notifies the TR in order to cancel its membership, the TR should liaise with the reporting counterparty to terminate the relevant derivatives, while it is still active, by submitting reports with action types "Terminate" where the termination date is at the latest the date of the dissolution of the reporting counterparty.

564. If the reporting counterparty does not report directly to the TR, and the ERR or RSE notifies the TR, the TR should liaise with that entity to terminate the relevant derivatives, while the reporting counterparty is still active, by submitting reports with action types "ETRM" where the termination date is at the latest the date of the dissolution of the reporting counterparty.

565. Where the reporting counterparty has ceased to exist and has not terminated the outstanding derivatives and the TR becomes aware of this situation, the following waterfall should be followed: