5. All the reports submitted by the counterparties to the TRs after the start of reporting under the RTS and ITS on reporting will have to comply with the amended requirements. This applies to the reports of derivatives concluded after the reporting start date and to any modifications or terminations reported after that date, irrespective of when the derivative that is modified or terminated was concluded.

6. In general, any reportable lifecycle event will need to be reported in line with the revised requirements.

7. In accordance with the Article 10(2) of the ITS on reporting, the counterparties should update all their outstanding derivatives to conform with the revised reporting requirements within 180 calendar days of the reporting start date by submitting a report with event type 'Update', unless they have submitted a report with the action type 'Modify' or 'Correct' (correcting the details of the trade [Action type 'Correct' will allow for correcting trade data or trade and valuation data or margin data. Only the report with action type 'Correct' related to trade data or trade and valuation data will ensure update of all relevant fields of a derivative. Valuation and margin data will be updated in any case by sending the daily valuation and margins reports (action types 'Valuation' and 'Margin update', respectively)]) for such derivatives within this period (given that 'Modify' and 'Correct' will be full messages, thus reporting of a modification or a correction of the derivative will require provision of all relevant details of that derivative).