Q6. Do you agree with the upgrade of outstanding derivatives that are subject to transfer to the most up to date reporting requirement at the latest by 23:59:59 on the Thursday ahead of the weekend on which the porting takes place? Which other aspects need to be considered? Please elaborate on the reasons for your response.

54. ESMA proposed that TR participants upgrade outstanding derivatives subject to porting to the most up to date reporting requirement prior to the porting on a weekend.

55. Seven responses were received.

56. Six respondents agreed with the proposal, one respondent disagreed with the proposal.

57. All TRs agreed that data must be updated prior to transfer as is the current practice. The TRs explained that it is not possible to take in the data subject to transfer if it is not updated prior to transfer.

58. One respondent argued that the effort undertaken to port data should be reasonable. The respondent stated that upgrading outstanding derivatives that are subject to the transfer is very cost-intensive and burdensome for counterparties, especially NFCs.

59. Another respondent asked ESMA to delay the entry into force of this Guideline until after the EMIR REFIT RTS Level-2 will have been implemented by users.

60. Some TRs asked to change the wording of the Guideline to reflect that it is the responsibility of the TR participant to upgrade the derivatives prior to porting.