Status of the guidelines

9. In accordance with Article 16(3) of the ESMA Regulation, national competent authorities, TRs, reporting counterparties and entities responsible for the report must make every effort to comply with these guidelines.

10. Competent authorities to which these guidelines apply should comply by incorporating them into their national legal and/or supervisory frameworks as appropriate, including where particular guidelines are directed primarily at financial market participants. In this case, competent authorities should ensure through their supervision that financial market participants comply with the guidelines.

11. ESMA will assess the application of these guidelines by TRs through its ongoing direct supervision.

Reporting requirements

12. Within two months of the date of publication of the guidelines on ESMA's website in all EU official languages, competent authorities to which these guidelines apply must notify ESMA whether they (i) comply, (ii) do not comply, but intend to comply, or (iii) do not comply and do not intend to comply with the guidelines.

13. In case of non-compliance, competent authorities must also notify ESMA within two months of the date of publication of the guidelines on ESMA's website in all EU official languages of their reasons for not complying with the guidelines

14. A template for notifications is available on ESMA's website. Once the template has been filled in, it shall be transmitted to ESMA.