European Union : Consultation Paper on ESMA’s Guidelines on transfer of data between TRs

Consultation Paper

ESMA's Guidelines on transfer of data between TRs

31 January 2017 | ESMA70-708036281-17

Responding to this paper

Date: 31 January 2017 ESMA70-708036281-17

ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:

respond to the question stated;

indicate the specific question to which the comment relates;

contain a clear rationale; and

describe any alternatives ESMA should consider.

ESMA will consider all comments received by 31 March 2017

All contributions should be submitted online at www.esma.europa.eu under the heading 'Your input - Consultations'.

Publication of responses

All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA's rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA's Board of Appeal and the European Ombudsman.

Data protection

Information on data protection can be found at www.esma.europa.eu under the heading Legal Notice.

Who should read this paper

This consultation paper may be specifically of interest to trade repositories, reporting counterparties, reporting entities and CCPs as well as of interest to trade associations.

ESMA • CS 60747 - 103 rue de Grenelle • 75345 Paris Cedex 07 • France • Tel. [phone] • www.esma.europa.eu

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Table of Contents

1. Executive Summary 5

2. Scope 8

3. Legal framework 8

4. Glossary of concepts and terms 9

5. Status quo 10

6. Purpose 12

7. Conditions of transfer of data 13

8. Entities involved in the transfer 13

9. Migration plan 14

10. Content of the migration plan 15

11. Format of the data 15

12. Secure machine-to-machine connection 16

13. Data security 16

14. Data completeness 17

15. Identification of trades subject to transfer 18

16. Data integrity 18

17. Data availability 18

18. Fees 19

19. Transfer of data 19

20. Recordkeeping of non-outstanding trades up to 10 years 19

21. Prioritisation of data to be transferred 20

22. Transfer of data requested by a TR participant 21

23. Scope of the data 21

24. Initiation of the process 21

25. Communications to authorities 22

26. Timeliness of the data transfer 22

27. Recordkeeping of the transferred data 23

28. Fees in the case of transfer requested by a TR participant 23

29. Transfer of data in the case of withdrawal of registration 24

30. Scope of the data to be transferred in the case of withdrawal 24

31. Migration plan as part of the wind-down plan 25

32. Withdrawal of registration requested by the TR - Article 71(1)(a) of EMIR 25

33. Withdrawal of registration not requested by the TR 26

34. Communication to authorities 27

35. Recordkeeping of the transferred data 28

36. Fees in the cases of withdrawal of registration 28

37. Annex I - General procedure for migration of data 30

38. Annex II - Procedure for migration in case of withdrawal of registration 32

39. Guidelines 34

40. Summary of questions 37