4. The objectives of these guidelines are to establish consistent, efficient and effective supervisory practices within the ESFS and to ensure the common, uniform and consistent application of by providing clarification for TRs, reporting counterparties and ERR on how to ensure compliance at all times with the following SFTR provisions:

a. Article 4(1) of SFTR which provides "Counterparties to SFTs shall report the details of any SFTs they have concluded, as well as any modification or termination thereof to a trade repository registered in accordance with Article 5 or recognised in accordance with Article 19. Those details shall be reported no later than the working day following the conclusion, modification or termination of the transaction.",

b. Article 80(3) of EMIR which provides that "A trade repository shall promptly record the information received under Article 9 and shall maintain it for at least 10 years following the termination of the relevant contracts. It shall employ timely and efficient record keeping procedures to document changes to recorded information.", as cross-referred to in Article 5(2) of SFTR;