Q52. Do you agree with the inclusion of the cases where an FC and an NFC-report outstanding SFTs subject to transfer to two different TRs in the Guidelines? Which other aspects need to be considered? Please elaborate on the reasons for your response.

350. ESMA proposed to include SFTR TR Q&A 8(d) addressing cases where an FC and a SME NFC report outstanding SFTs subject to transfer to two different TRs as Guideline 34.

351. The inclusion of this Guideline was supported by the two respondents to this question.

352. 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. While ESMA understands the voiced concerns, the Guideline is retained as is to ensure the completeness, accuracy, and integrity of the data, as to cover all use cases.

Q53. Should the requirement put forward in Guideline 34 be structured in a different manner? Which other aspects need to be considered? Please elaborate on the reasons for your response.

353. ESMA asked whether Guideline 34 should be structured differently.

354. The inclusion of this Guideline was supported by the three respondents to this question.