Q55. Do you agree with the procedure described in Annex II? Which other aspects need to be considered? Please elaborate on the reasons for your response.

369. ESMA asked whether the respondents agreed with the procedure described in Annex II and which other aspects needed to be considered.

370. One answer was received.

371. One respondent did not agree with the procedure.

372. One TR observed that Annex II needed to be updated to facilitate the transfer of the outstanding reports from active TR participants to ensure a smooth continuation of their reporting obligation, following which the transfer of the remainder of the data as set out in Guideline 15 should be initiated.

373. Regarding the verification of the data subject to transfer, one TR remarked that it were not clear what information and/or metric the new TR should use to verify the latest state of outstanding SFTs received. ESMA believes that the TRs have sufficient experience with the transfer of data to enable them to apply appropriate metrics.

374. ESMA has updated Annex II to reflect the changes in Guidelines 15 and 11.