177. In the case of valuation updates, the counterparties should send daily valuations by the end of the working day following the date of the valuation and populating the date of valuation date in the field 'Event date'. It should be equal to the date part of the field 'Valuation timestamp'.

178. Margin updates should be sent daily and counterparties should populate the field 'Event date' with the date for which the margin update is reported (i.e. margin update report should reflect the state of margins at the end of that day). Margin updates should be reported when they become effective, i.e. on the expected settlement date, and they should include any margin that is in transit and pending settlement, without considering temporary settlement failures.

179. In the specific case of margins pre-paid to a CCP in advance of a portfolio of cleared trades, these should be reported on T+1 of the conclusion of the first applicable derivative in the related portfolio (linked by a portfolio code), rather than on the day following the date on which the collateral was lodged.

180. More generally, no margins should be reported if no derivative covered by those margins was previously reported.