7.3.1 Rejection feedback

605. Article 1(1) of the RTS on data quality requires the TRs to verify the data they receive from the report submitting entities upon their reception. In accordance with Article 1(3) of the RTS on data quality TRs shall provide the RSEs with detailed information on the results of the data verification. This immediate rejection feedback shall be provided to the relevant RSE within 60 minutes from the reception of the data, i.e. from the moment the submitted file enters the system of the TR.

606. Apart from the provision of immediate rejection response to the RSE, the TR can provide this feedback also to the reporting counterparties and entities responsible for reporting if those have access to the TR and they express interest to receive the immediate rejection response.

607. Article 1(1) of the RTS on data quality provides a list of specific verification checks which should be executed by the TRs. Authentication according to Article 1(1)(a) should be performed upfront, therefore no specific rejection feedback should be provided with respect to this first verification step. The remaining verification checks should be performed at the point of submission and result in rejection feedback in accordance with the following rejection categories:

a. Schema validation of a submission as per Article 1(1)(b);