Q12. Do you agree with the inclusion of TR Q&A 54(d) in the guidelines? Which other aspects need to be considered? Please elaborate on the reasons for your response.

116. ESMA proposed to include the clarification provided in ESMA EMIR TR Q&A 54(d) as a Guideline.

117. Six respondents agreed wih the proposal, one respondent disagreed.

118. One TR remarked that it may be helpful to have the TR Participant give notice to the TRs, not just the other reporting counterparty in question, of its decision to report or not to report based on a change in its status.

119. One TR mentioned that there should be an additional clarification in the Guidelines as to who is expected to update NFC-transactions to the latest technical standards. The TR added that in its opinion the NFC-remained responsible for reporting the transactions until their update.

120. One TR proposed to update the porting form used by the TRs to make the process clearer for execution purposes. ESMA welcomes this initiative and urges TRs to update all porting related documentation etc. to reflect the final Guidelines.

121. One TR mentioned that the usually low volumes associated with such cases and the potential frequency of such cases makes it reasonable to reduce the administrative burden associated to these scenarios.