3.2.2.1 Scope of the data subject to transfer

Q29. Do you agree with the specification of the process from the perspective of the old TR in Guideline 16? Which other aspects need to be considered? Please elaborate on the reasons for your response.

220. For the case of voluntary porting, ESMA proposed that the old TR determines whether all or some of the SFTs pertaining to counterparties that are non-reporting TR participants and which were reported by the TR participant should be transferred to the new TR or not.

221. Three responses were received.

222. Two respondents supported the proposal, one respondent did not support the proposal.

223. One TR stated that the reporting counterparties or ERR should determine whether all or some of the SFTs should be transferred and that this should not be undertaken by the TR.

224. One respondent stated that it was not clear why the transfer of SFT data reported by a TR participant as an RSE were subject to the approval of the non-reporting counterparty as this were a business choice of the RSE. The respondent argued that the provisions of Guidelines 16 and 17 are likely to pose problems in the management of the TR participants' processes.