207. Article 3 of the ITS on reporting provides that the counterparty 1 to a derivative and the entity responsible for reporting shall ensure for the purpose of reporting the conclusion or modification of a derivative that the reference data related to its ISO 17442 LEI code is renewed in accordance with the terms of any of the accredited Local Operating Units of the Global LEI System.

208. Furthermore, according to the Article 3 of the ITS on reporting, the ISO 17442 Legal Entity Identifier (LEI) code should be used to identify a broking entity, a CCP, a clearing member, a counterparty which is a legal entity, a report submitting entity, an entity responsible for reporting, and a post-trade risk reduction service provider.

209. Article 9(5) of EMIR provides that at least the identities of the parties to the derivative contracts should be reported. This requirement cannot be waived. Therefore, a counterparty dealing with counterparties that cannot be identified because of legal, regulatory or contractual impediments, would not be deemed compliant with Article 9(5) of EMIR.

210. It should be noted that the counterparties reporting under EMIR should always identify themselves with the LEI of the headquarters, given that the legal responsibility for reporting always lies on the legal entity and not on the branch.