3.2.1.1 Entities involved in the transfer

Q14. Do you agree with the proposal that only the old and the new TR should carry out the transfer of data? Please elaborate on the reasons for your response.

130. In the CP, ESMA proposed that only the old and the new TR carry out the transfer of data, the new TR rejects duplicate reporting and the old TR rejects reports with certain action types.

131. Four respondents answered this question.

132. Three respondents supported the proposal, one rejected the proposal.

133. One banking association argued that TR participants would need to be informed of the progress of the data transfer to enable them to manage the reporting of lifecycle events. ESMA believes the Guidelines provide sufficient guidance for the TR participants in this regard.

134. Two TRs remarked that it is difficult for the old and the new TR to identify whether a TR participant is transferring SFT reports from one TR to another by cancelling/erroring out the SFTs at the old TR and submitting them with Action Type "New" at the new TR instead of adhering to the porting process as set out in the Guidelines.

135. The TR that rejected the proposal in the CP proposed the inclusion of specific portability action types so that the reporting counterparties would be directly responsible for the ported SFTs. ESMA believes the introduction of the new Guidelines sufficiently clarifies the responsibilities of the reporting counterparties in the porting process.