Q48. Do you agree with the allocation of non-outstanding data not related to active TR participants to the new TR in proportion to its market share for a specific reference date? Which other aspects need to be considered? Please elaborate on the reasons for your response.

323. For the case of withdrawal of registration, ESMA proposed to allocate data, for which no back-stop TR had been designated, to the remaining TRs based on a calculation in proportion to the new TR's market share for a specific reference date.

324. Three responses in support of the proposal were received.

325. One TR asked to detail the definition of active and inactive client for the allocation of non-outstanding data. It proposed that the active client be replaced by the reporting counterparty on whose behalf the RSE changing TR is responsible to report or the reporting counterparty that has delegated reporting to that RSE.

326. The TRs asked for clarification of many technical aspects, such as definition of dormant reporting counterparties or similar cases; split of SFT data (e.g. per TR participant); allocation of historical data of dormant reporting counterparties or such that have transferred to another TR; the reference date etc.