A. Planning and preparation

After signing the relevant contractual agreement with the TR participant, the new TR communicates to and agrees with the old TR the migration plan elaborated consistent with Guideline 3.

The new TR notifies by email the relevant authorities about the transfer.

The old TR determines and agrees with the TR participant the following aggregate information regarding the SFTs of the TR participant subject to transfer:

o The latest state of the outstanding SFTs received, i.e. the "trade state"

o The total number of outstanding SFTs

The old TR should request the TR participant's confirmation of the accuracy of the information above vis-à-vis the TR participant's own records [As per Article 4(4) SFTR "Counterparties shall keep a record of any SFT that they have concluded, modified or terminated for at least five years following the termination of the transaction." In the case of reporting TR participant that reports on behalf of others, it should use also their records.] as per Guideline 8. In case of a mismatch, the old TR should reconcile the relevant numbers with the TR participant and agree on the final list of SFT reports that will be migrated. The old TR should solve all discrepancies at the earliest convenience and in no later than five working days.

B. Execution of transfer