Recital 19

(19) The recent stress episodes in commodities markets have highlighted the importance of authorities having a comprehensive picture of the derivatives activities and exposures of non-financial counterparties that are subject to the clearing obligation. Non-financial counterparties subject to the clearing obligation that are part of a group whose intragroup transactions are exempt from the reporting obligation should have their derivatives positions reported by their Union parent undertaking on an aggregated basis. The reporting should be done on a weekly basis at entity level and should be broken down by type of derivatives. Such information should be provided to ESMA and the relevant competent authority of the individual entities in the group. It is also appropriate to consider the concerns raised by the supervisory community about the quality of the data reported by financial and non-financial counterparties pursuant to Regulation (EU) No 648/2012. Entities subject to the reporting obligation pursuant to Regulation (EU) No 648/2012 should therefore be required to exercise due diligence by establishing appropriate procedures and arrangements to ensure the quality of the data, before the data are submitted. ESMA should issue guidelines to further specify such procedures and arrangements, taking into account the possibility to apply the requirements in a proportionate manner. To ensure that the requirements on the quality of the data are fulfilled, Member States should adopt appropriate penalties where the data reported contain systematic manifest errors. ESMA should develop draft regulatory technical standards to specify what constitutes a systematic manifest error for the purposes of imposing those penalties. While entities have the possibility to delegate their reporting, they remain responsible in the event that the data being reported by the entity to which they have delegated their reporting are inaccurate or duplicative.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-16 · Text as adopted (Official Journal); later amendments are not incorporated in this text.