Inserted by Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories (Text with EEA relevance).

Substituted by Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 (Text with EEA relevance).

Art. 81(3)(a)-(c) substituted for Art. 81(3)(a)-(q) (31.12.2020) by The Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 (S.I. 2018/1318), regs. 1(3), 3(a) (as amended by S.I. 2019/1416, regs. 1(2), 8(a) and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Art. 81(3)(d)(e) inserted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 56(15) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Art. 81(3)(f) inserted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416), regs. 1(3), 33(a) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/628, regs. 1(3), 13(2)); 2020 c. 1, Sch. 5 para. 1(1)

Art. 81(3)(g)(h) inserted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(3), 30 (as amended by S.I. 2020/1385, regs. 1(4), 69(3)) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/646, reg. 12)

Inserted by Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (Text with EEA relevance).

Art. 81(4) omitted (31.12.2020) by virtue of The Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 (S.I. 2018/1318), regs. 1(3), 3(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Substituted by Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories (Text with EEA relevance).

Words in Art. 81(5) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416), regs. 1(3), 33(b)(i) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/628, regs. 1(3), 13(2)); 2020 c. 1, Sch. 5 para. 1(1)

Words in Art. 81(5) omitted (31.12.2020) by virtue of The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416), regs. 1(3), 33(b)(ii) (with savings in S.I. 2019/680, reg. 11 as amended by S.I. 2020/628, regs. 1(3), 13(2)); 2020 c. 1, Sch. 5 para. 1(1)

Art. 82 omitted (31.12.2020) by virtue of The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 56(16) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

http://www.legislation.gov.uk/eur/2012/648/title/VII/2020-12-31Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (Text with EEA relevance)Regulation (EU) No 648/2012 of the European Parliament and of the CouncilRegulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (Text with EEA relevance)King's Printer of Acts of Parliamenthttps://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02012R0648-20200618texttext/xmlen2024-11-12Expert Participation2020-12-31<num>TITLE VII</num><heading><b>REQUIREMENTS FOR TRADE REPOSITORIES</b></heading><article eId="article-78"><num>Article 78</num><heading>General requirements</heading><paragraph eId="article-78-1"><num>1.</num><content><p>A trade repository shall have robust governance arrangements, which include a clear organisational structure with well defined, transparent and consistent lines of responsibility and adequate internal control mechanisms, including sound administrative and accounting procedures, which prevent any disclosure of confidential information.</p></content></paragraph><paragraph eId="article-78-2"><num>2.</num><content><p>A trade repository shall maintain and operate effective written organisational and administrative arrangements to identify and manage any potential conflicts of interest concerning its managers, employees, or any person directly or indirectly linked to them by close links.</p></content></paragraph><paragraph eId="article-78-3"><num>3.</num><content><p>A trade repository shall establish adequate policies and procedures sufficient to ensure its compliance, including of its managers and employees, with all the provisions of this Regulation.</p></content></paragraph><paragraph eId="article-78-4"><num>4.</num><content><p>A trade repository shall maintain and operate an adequate organisational structure to ensure continuity and orderly functioning of the trade repository in the performance of its services and activities. It shall employ appropriate and proportionate systems, resources and procedures.</p></content></paragraph><paragraph eId="article-78-5"><num>5.</num><content><p>Where a trade repository offers ancillary services such as trade confirmation, trade matching, credit event servicing, portfolio reconciliation or portfolio compression services, the trade repository shall maintain those ancillary services operationally separate from the trade repository’s function of centrally collecting and maintaining records of derivatives.</p></content></paragraph><paragraph eId="article-78-6"><num>6.</num><content><p>The senior management and members of the board of a trade repository shall be of sufficiently good repute and experience so as to ensure the sound and prudent management of the trade repository.</p></content></paragraph><paragraph eId="article-78-7"><num>7.</num><content><p>A trade repository shall have objective, non-discriminatory and publicly disclosed requirements for access by undertakings subject to the reporting obligation under Article 9. A trade repository shall grant service providers non-discriminatory access to information maintained by the trade repository, on condition that the relevant counterparties have provided their consent. Criteria that restrict access shall only be permitted to the extent that their objective is to control the risk to the data maintained by a trade repository.</p></content></paragraph><paragraph eId="article-78-8"><num>8.</num><content><p>A trade repository shall publicly disclose the prices and fees associated with services provided under this Regulation. It shall disclose the prices and fees of each service provided separately, including discounts and rebates and the conditions to benefit from those reductions. It shall allow reporting entities to access specific services separately. The prices and fees charged by a trade repository shall be cost-related.</p></content></paragraph></article><article eId="article-79"><num>Article 79</num><heading>Operational reliability</heading><paragraph eId="article-79-1"><num>1.</num><content><p>A trade repository shall identify sources of operational risk and minimise them through the development of appropriate systems, controls and procedures. Such systems shall be reliable and secure and have adequate capacity to handle the information received.</p></content></paragraph><paragraph eId="article-79-2"><num>2.</num><content><p>A trade repository shall establish, implement and maintain an adequate business continuity policy and disaster recovery plan aiming at ensuring the maintenance of its functions, the timely recovery of operations and the fulfilment of the trade repository’s obligations. Such a plan shall at least provide for the establishment of backup facilities.</p></content></paragraph><paragraph eId="article-79-3"><num>3.</num><content><p>A trade repository from which registration has been withdrawn shall ensure orderly substitution including the transfer of data to other trade repositories and the redirection of reporting flows to other trade repositories.</p></content></paragraph></article><article eId="article-80"><num>Article 80</num><heading>Safeguarding and recording</heading><paragraph eId="article-80-1"><num>1.</num><content><p>A trade repository shall ensure the confidentiality, integrity and protection of the information received under Article 9.</p></content></paragraph><paragraph eId="article-80-2"><num>2.</num><content><p>A trade repository may only use the data it receives under this Regulation for commercial purposes if the relevant counterparties have provided their consent.</p></content></paragraph><paragraph eId="article-80-3"><num>3.</num><content><p>A trade repository shall promptly record the information received under Article 9 and shall maintain it for at least 10 years following the termination of the relevant contracts. It shall employ timely and efficient record keeping procedures to document changes to recorded information.</p></content></paragraph><paragraph eId="article-80-4"><num>4.</num><content><p>A trade repository shall calculate the positions by class of derivatives and by reporting entity based on the details of the derivative contracts reported in accordance with Article 9.</p></content></paragraph><paragraph eId="article-80-5"><num>5.</num><content><p>A trade repository shall allow the parties to a contract to access and correct the information on that contract in a timely manner.</p></content></paragraph><paragraph eId="article-80-5a"><num><ins class="first" ukl:ChangeId="O011001M033" ukl:CommentaryRef="c000010"><noteRef uk:name="commentary" href="#c000010" class="commentary"/>5a.</ins></num><content><p> <ins class="last" ukl:ChangeId="O011001M033" ukl:CommentaryRef="c000010">Upon request, a trade repository shall provide counterparties that are not required to report the details of their OTC derivative contracts pursuant to Article 9(1a) to (1d) and counterparties and CCPs which have delegated their reporting obligation pursuant to Article 9(1f) with access to the information reported on their behalf.</ins> </p></content></paragraph><paragraph eId="article-80-6"><num>6.</num><content><p>A trade repository shall take all reasonable steps to prevent any misuse of the information maintained in its systems.</p><p>A natural person who has a close link with a trade repository or a legal person that has a parent undertaking or a subsidiary relationship with the trade repository shall not use confidential information recorded in a trade repository for commercial purposes.</p></content></paragraph></article><article eId="article-81"><num>Article 81</num><heading>Transparency and data availability</heading><paragraph eId="article-81-1"><num>1.</num><content><p>A trade repository shall regularly, and in an easily accessible way, publish aggregate positions by class of derivatives on the contracts reported to it.</p></content></paragraph><paragraph eId="article-81-2"><num>2.</num><content><p>A trade repository shall collect and maintain data and shall ensure that the entities referred to in paragraph 3 have direct and immediate access to the details of derivatives contracts they need to fulfil their respective responsibilities and mandates.</p></content></paragraph><paragraph eId="article-81-3"><num><ins class="substitution first" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005"><noteRef uk:name="commentary" href="#c000005" class="commentary"/>3. </ins></num><intro><p><ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005"> A trade repository shall make the necessary information available to the following entities to enable them to fulfil their respective responsibilities and mandates: </ins></p></intro><level class="para1" eId="article-81-3--a"><num><ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005"><ins class="substitution first" ukl:ChangeId="key-83c870b66d2f76613e4e0f624dec7238-1682080589647" ukl:CommentaryRef="key-83c870b66d2f76613e4e0f624dec7238"><noteRef uk:name="commentary" href="#key-83c870b66d2f76613e4e0f624dec7238" class="commentary"/>(a)</ins></ins></num><content><p><ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005"><ins class="substitution" ukl:ChangeId="key-83c870b66d2f76613e4e0f624dec7238-1682080589647" ukl:CommentaryRef="key-83c870b66d2f76613e4e0f624dec7238">the FCA;</ins></ins></p></content></level><level class="para1" eId="article-81-3--b"><num><ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005"><ins class="substitution" ukl:ChangeId="key-83c870b66d2f76613e4e0f624dec7238-1682080589647" ukl:CommentaryRef="key-83c870b66d2f76613e4e0f624dec7238">(b)</ins></ins></num><content><p><ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005"><ins class="substitution" ukl:ChangeId="key-83c870b66d2f76613e4e0f624dec7238-1682080589647" ukl:CommentaryRef="key-83c870b66d2f76613e4e0f624dec7238">the Bank of England;</ins></ins></p></content></level><level class="para1" eId="article-81-3--c"><num><ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005"><ins class="substitution" ukl:ChangeId="key-83c870b66d2f76613e4e0f624dec7238-1682080589647" ukl:CommentaryRef="key-83c870b66d2f76613e4e0f624dec7238">(c)</ins></ins></num><content><p><ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005"><ins class="substitution last" ukl:ChangeId="key-83c870b66d2f76613e4e0f624dec7238-1682080589647" ukl:CommentaryRef="key-83c870b66d2f76613e4e0f624dec7238">the Pensions Regulator;</ins></ins></p></content></level><level class="para1" eId="article-81-3--d"><num><ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005"><ins class="first" ukl:ChangeId="key-aa782d5c351db2b83283629e0edf9737-1682080695632" ukl:CommentaryRef="key-aa782d5c351db2b83283629e0edf9737"><noteRef uk:name="commentary" href="#key-aa782d5c351db2b83283629e0edf9737" class="commentary"/>d)</ins></ins></num><content><p><ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005"><ins ukl:ChangeId="key-aa782d5c351db2b83283629e0edf9737-1682080695632" ukl:CommentaryRef="key-aa782d5c351db2b83283629e0edf9737">the relevant authorities of a third country where the third country is recognised by regulations made by the Treasury as one in which the arrangements for trade repositories are equivalent to those in the United Kingdom (in accordance with paragraph 1 of Article 75);</ins></ins></p></content></level><level class="para1" eId="article-81-3--e"><num><ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005"><ins ukl:ChangeId="key-aa782d5c351db2b83283629e0edf9737-1682080695632" ukl:CommentaryRef="key-aa782d5c351db2b83283629e0edf9737">e)</ins></ins></num><content><p><ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005"><ins class="last" ukl:ChangeId="key-aa782d5c351db2b83283629e0edf9737-1682080695632" ukl:CommentaryRef="key-aa782d5c351db2b83283629e0edf9737">the relevant authorities of a third country that has entered into a cooperation arrangement with the FCA as referred to in Article 76;</ins></ins></p></content></level><level class="para1" eId="article-81-3--f"><num><ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005"><ins class="first" ukl:ChangeId="key-f023bd2fb441ca452c9c1577f027e16c-1682080736096" ukl:CommentaryRef="key-f023bd2fb441ca452c9c1577f027e16c"><noteRef uk:name="commentary" href="#key-f023bd2fb441ca452c9c1577f027e16c" class="commentary"/>f)</ins></ins></num><content><p><ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005"><ins class="last" ukl:ChangeId="key-f023bd2fb441ca452c9c1577f027e16c-1682080736096" ukl:CommentaryRef="key-f023bd2fb441ca452c9c1577f027e16c">the relevant authorities of a third country in respect of which the Treasury has made regulations under Article 76a;</ins></ins></p></content></level><level class="para1" eId="article-81-3--g"><num><ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005"><ins class="first" ukl:ChangeId="key-9d996ff7e31af67d67d8fe9971fb7c44-1682081028508" ukl:CommentaryRef="key-9d996ff7e31af67d67d8fe9971fb7c44"><noteRef uk:name="commentary" href="#key-9d996ff7e31af67d67d8fe9971fb7c44" class="commentary"/>g)</ins></ins></num><content><p><ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005"><ins ukl:ChangeId="key-9d996ff7e31af67d67d8fe9971fb7c44-1682081028508" ukl:CommentaryRef="key-9d996ff7e31af67d67d8fe9971fb7c44">the body known as the Panel on Takeovers and Mergers;</ins></ins></p></content></level><level class="para1" eId="article-81-3--h"><num><ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005"><ins ukl:ChangeId="key-9d996ff7e31af67d67d8fe9971fb7c44-1682081028508" ukl:CommentaryRef="key-9d996ff7e31af67d67d8fe9971fb7c44">h)</ins></ins></num><content><p><ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005"><ins class="last" ukl:ChangeId="key-9d996ff7e31af67d67d8fe9971fb7c44-1682081028508" ukl:CommentaryRef="key-9d996ff7e31af67d67d8fe9971fb7c44">the PRA.</ins></ins></p></content></level><wrapUp><p> <ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005"><ins class="first" ukl:ChangeId="O006001M004" ukl:CommentaryRef="c000012"><noteRef uk:name="commentary" href="#c000012" class="commentary"/>A trade repository shall transmit data to competent authorities in accordance with the requirements under Article 26 of Regulation (EU) No 600/2014 </ins></ins><authorialNote class="footnote" eId="f00047" marker="47"><p> <ins class="substitution first" ukl:ChangeId="O005001M003-f00047" ukl:CommentaryRef="c000005"><noteRef uk:name="commentary" href="#c000005" class="commentary"/> <ins class="first" ukl:ChangeId="O006001M004-f00047" ukl:CommentaryRef="c000012"><noteRef uk:name="commentary" href="#c000012" class="commentary"/>Regulation (EU) No 600/2014 of the European Parliament and of the Council of </ins> </ins> <ins class="substitution" ukl:ChangeId="O005001M003-f00047" ukl:CommentaryRef="c000005"> <ins ukl:ChangeId="O006001M004-f00047" ukl:CommentaryRef="c000012">15 May 2014</ins> </ins> <ins class="substitution" ukl:ChangeId="O005001M003-f00047" ukl:CommentaryRef="c000005"> <ins ukl:ChangeId="O006001M004-f00047" ukl:CommentaryRef="c000012"> on markets in financial instruments and amending Regulation (EU) No 648/2012 (</ins> </ins> <ins class="substitution" ukl:ChangeId="O005001M003-f00047" ukl:CommentaryRef="c000005"> <ins ukl:ChangeId="O006001M004-f00047" ukl:CommentaryRef="c000012"> <ref eId="c00047" href="https://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2014.173.01.0084.01.ENG">OJ L 173, 12.6.2014, p. 84</ref> </ins> </ins> <ins class="substitution last" ukl:ChangeId="O005001M003-f00047" ukl:CommentaryRef="c000005"> <ins class="last" ukl:ChangeId="O006001M004-f00047" ukl:CommentaryRef="c000012">).</ins> </ins> </p></authorialNote><ins class="substitution last" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005"><ins class="last" ukl:ChangeId="O006001M004" ukl:CommentaryRef="c000012"> .</ins></ins> </p></wrapUp></paragraph><paragraph eId="article-81-4"><num><noteRef href="#key-45910c73ab2c4922eabf15938a499c0c" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>4.</num><content><p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p></content></paragraph><paragraph eId="article-81-5"><num><ins class="substitution first" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006"><noteRef uk:name="commentary" href="#c000006" class="commentary"/>5. </ins></num><intro><p> <ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006"><ins class="substitution first last" ukl:ChangeId="key-ab5c987b564b0d08be07a12791c1be5c-1682080785771" ukl:CommentaryRef="key-ab5c987b564b0d08be07a12791c1be5c"><noteRef uk:name="commentary" href="#key-ab5c987b564b0d08be07a12791c1be5c" class="commentary"/>The FCA may make</ins></ins><ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006"> technical standards specifying the following: </ins></p></intro><level class="para1" eId="article-81-5--a"><num><ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006"> (a) </ins></num><content><p><ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006"> the information to be published or made available in accordance with paragraphs 1 and 3; </ins></p></content></level><level class="para1" eId="article-81-5--b"><num><ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006"> (b) </ins></num><content><p><ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006"> the frequency of publication of the information referred to in paragraph 1; </ins></p></content></level><level class="para1" eId="article-81-5--c"><num><ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006"> (c) </ins></num><content><p><ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006"> the operational standards required to aggregate and compare data across trade repositories and for the entities referred to in paragraph 3 to access that information; </ins></p></content></level><level class="para1" eId="article-81-5--d"><num><ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006"> (d) </ins></num><content><p><ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006"> the terms and conditions, the arrangements and the required documentation under which trade repositories grant access to the entities referred to in paragraph 3. </ins></p></content></level><wrapUp><p><noteRef href="#key-c44247694bae8facf55859e7cb3dc05f" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/><ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006">...</ins></p><p><noteRef href="#key-c44247694bae8facf55859e7cb3dc05f" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/><ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006">...</ins></p><p><noteRef href="#key-c44247694bae8facf55859e7cb3dc05f" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/><ins class="substitution last" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006">... </ins> </p></wrapUp></paragraph></article><article eId="article-82"><num><noteRef href="#key-ba8815a318901f2365f7ba50ef6fc9cc" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>Article 82</num><heading>Exercise of the delegation</heading><content><p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p></content></article>
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<eventRef date="2024-01-30" eId="date-2024-01-30" source="#"/>
</lifecycle>
<analysis source="#">
<restrictions source="#">
<restriction refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#body" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#title-VII" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#article-78" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#article-79" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#article-80" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#article-81" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction href="#article-82" refersTo="#extent-e+w+s+ni" type="jurisdiction"/>
<restriction refersTo="#period-from-2020-12-31-to-2021-07-01" type="jurisdiction"/>
<restriction href="#body" refersTo="#period-from-2020-12-31" type="jurisdiction"/>
<restriction href="#title-VII" refersTo="#period-from-2020-12-31-to-2021-07-01" type="jurisdiction"/>
<restriction href="#article-78" refersTo="#period-from-2012-07-04-to-2021-07-01" type="jurisdiction"/>
<restriction href="#article-79" refersTo="#period-from-2012-07-04-to-2024-01-30" type="jurisdiction"/>
<restriction href="#article-80" refersTo="#period-from-2019-06-17-to-2024-01-30" type="jurisdiction"/>
<restriction href="#article-81" refersTo="#period-from-2020-12-31" type="jurisdiction"/>
<restriction href="#article-82" refersTo="#period-from-2020-12-31" type="jurisdiction"/>
</restrictions>
<otherAnalysis source="">
<uk:commentary href="#article-80" refersTo="#c000010"/>
<uk:commentary href="#article-81" refersTo="#c000005"/>
<uk:commentary href="#article-81" refersTo="#key-83c870b66d2f76613e4e0f624dec7238"/>
<uk:commentary href="#article-81" refersTo="#key-aa782d5c351db2b83283629e0edf9737"/>
<uk:commentary href="#article-81" refersTo="#key-f023bd2fb441ca452c9c1577f027e16c"/>
<uk:commentary href="#article-81" refersTo="#key-9d996ff7e31af67d67d8fe9971fb7c44"/>
<uk:commentary href="#article-81" refersTo="#c000012"/>
<uk:commentary href="#article-81" refersTo="#key-45910c73ab2c4922eabf15938a499c0c"/>
<uk:commentary href="#article-81" refersTo="#c000006"/>
<uk:commentary href="#article-81" refersTo="#key-ab5c987b564b0d08be07a12791c1be5c"/>
<uk:commentary href="#article-81" refersTo="#key-c44247694bae8facf55859e7cb3dc05f"/>
<uk:commentary href="#article-82" refersTo="#key-ba8815a318901f2365f7ba50ef6fc9cc"/>
</otherAnalysis>
</analysis>
<temporalData source="#">
<temporalGroup eId="period-from-2012-07-04-to-2021-07-01">
<timeInterval start="#date-2012-07-04" end="#date-2021-07-01" refersTo="#"/>
</temporalGroup>
<temporalGroup eId="period-from-2012-07-04-to-2024-01-30">
<timeInterval start="#date-2012-07-04" end="#date-2024-01-30" refersTo="#"/>
</temporalGroup>
<temporalGroup eId="period-from-2019-06-17-to-2024-01-30">
<timeInterval start="#date-2019-06-17" end="#date-2024-01-30" refersTo="#"/>
</temporalGroup>
<temporalGroup eId="period-from-2020-12-31">
<timeInterval start="#date-2020-12-31" refersTo="#"/>
</temporalGroup>
<temporalGroup eId="period-from-2020-12-31-to-2021-07-01">
<timeInterval start="#date-2020-12-31" end="#date-2021-07-01" refersTo="#"/>
</temporalGroup>
</temporalData>
<references source="#">
<TLCEvent eId="adopted" href="" showAs="AdoptedDate"/>
<TLCLocation eId="extent-e+w+s+ni" href="" showAs="E+W+S+N.I."/>
</references>
<notes source="#">
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="c000010" marker="F1">
<p>
Inserted by
<ref eId="ccd13e13720230331162029230100" href="http://www.legislation.gov.uk/id/eur/2019/834">Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories (Text with EEA relevance)</ref>
.
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="c000005" marker="F2">
<p>
Substituted by
<ref eId="ccd13e459202303311057449830100" href="http://www.legislation.gov.uk/id/eur/2015/2365">Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 (Text with EEA relevance)</ref>
.
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-83c870b66d2f76613e4e0f624dec7238" marker="F3">
<p>
<rref eId="cycuj8lz4-00005" class="subref" from="http://www.legislation.gov.uk/id/eur/2012/648/article/81/3/a" upTo="http://www.legislation.gov.uk/id/eur/2012/648/article/81/3/c">Art. 81(3)(a)-(c)</rref>
substituted for Art. 81(3)(a)-(q) (31.12.2020) by
<ref eId="cycuj8lz4-00006" href="http://www.legislation.gov.uk/id/uksi/2018/1318">The Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 (S.I. 2018/1318)</ref>
,
<ref eId="cycuj8lz4-00007" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1318/regulation/1/3">regs. 1(3)</ref>
,
<ref eId="cycuj8lz4-00008" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2018/1318/regulation/3/a">3(a)</ref>
(as amended by
<ref eId="cycuj8lz4-00009" href="http://www.legislation.gov.uk/id/uksi/2019/1416">S.I. 2019/1416</ref>
,
<ref eId="cycuj8lz4-00010" class="subref" href="http://www.legislation.gov.uk/id/uksi/2019/1416/regulation/1/2">regs. 1(2)</ref>
,
<ref eId="cycuj8lz4-00011" class="subref" href="http://www.legislation.gov.uk/id/uksi/2019/1416/regulation/8/a">8(a)</ref>
and with savings in
<ref eId="cycuj8lz4-00012" href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref eId="cycuj8lz4-00013" class="subref" href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
);
<ref eId="cycuj8lz4-00014" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="cycuj8lz4-00015" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-aa782d5c351db2b83283629e0edf9737" marker="F4">
<p>
<ref eId="cycuj8lz4-00037" class="subref" href="http://www.legislation.gov.uk/id/eur/2012/648/article/81/3/d">Art. 81(3)(d)</ref>
<ref eId="cycuj8lz4-00038" class="subref" href="http://www.legislation.gov.uk/id/eur/2012/648/article/81/3/e">(e)</ref>
inserted (31.12.2020) by
<ref eId="cycuj8lz4-00039" href="http://www.legislation.gov.uk/id/uksi/2019/335">The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335)</ref>
,
<ref eId="cycuj8lz4-00040" class="subref" href="http://www.legislation.gov.uk/id/uksi/2019/335/regulation/1/1">regs. 1(1)</ref>
,
<ref eId="cycuj8lz4-00041" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2019/335/regulation/56/15">56(15)</ref>
(with savings in
<ref eId="cycuj8lz4-00042" href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref eId="cycuj8lz4-00043" class="subref" href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
);
<ref eId="cycuj8lz4-00044" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="cycuj8lz4-00045" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-f023bd2fb441ca452c9c1577f027e16c" marker="F5">
<p>
<ref eId="ccd8e1202304211350505420100" class="subref" href="http://www.legislation.gov.uk/id/eur/2012/648/article/81/3/f">Art. 81(3)(f)</ref>
inserted (31.12.2020) by
<ref eId="d10e4" href="http://www.legislation.gov.uk/id/uksi/2019/1416">The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416)</ref>
,
<ref eId="ccd8e7202304211350505420100" class="subref" href="http://www.legislation.gov.uk/id/uksi/2019/1416/regulation/1/3">regs. 1(3)</ref>
,
<ref eId="ccd8e10202304211350505420100" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2019/1416/regulation/33/a">33(a)</ref>
(with savings in
<ref eId="d10e13" href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref eId="ccd8e16202304211350505420100" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
as amended by
<ref eId="d10e20" href="http://www.legislation.gov.uk/id/uksi/2020/628">S.I. 2020/628</ref>
,
<ref eId="ccd8e23202304211350505420100" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/628/regulation/1/3">regs. 1(3)</ref>
,
<ref eId="ccd8e26202304211350505420100" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2020/628/regulation/13/2">13(2)</ref>
);
<ref eId="d10e29" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="ccd8e32202304211350505420100" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-9d996ff7e31af67d67d8fe9971fb7c44" marker="F6">
<p>
<ref eId="ccd8e1202304211353416310100" class="subref" href="http://www.legislation.gov.uk/id/eur/2012/648/article/81/3/g/h">Art. 81(3)(g)(h)</ref>
inserted (31.12.2020) by
<ref eId="d10e4" href="http://www.legislation.gov.uk/id/uksi/2020/646">The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646)</ref>
,
<ref eId="ccd8e7202304211353416310100" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/646/regulation/1/3">regs. 1(3)</ref>
,
<ref eId="ccd8e10202304211353416310100" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2020/646/regulation/30">30</ref>
(as amended by
<ref eId="d10e13" href="http://www.legislation.gov.uk/id/uksi/2020/1385">S.I. 2020/1385</ref>
,
<ref eId="ccd8e16202304211353416310100" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/1/4">regs. 1(4)</ref>
,
<ref eId="ccd8e20202304211353416310100" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2020/1385/regulation/69/3">69(3)</ref>
) (with savings in
<ref eId="d10e23" href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref eId="ccd8e26202304211353416310100" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
as amended by
<ref eId="d10e29" href="http://www.legislation.gov.uk/id/uksi/2020/646">S.I. 2020/646</ref>
,
<ref eId="ccd8e32202304211353416310100" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2020/646/regulation/12">reg. 12</ref>
)
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="c000012" marker="F7">
<p>
Inserted by
<ref eId="ccd13e193202303311643365140100" href="http://www.legislation.gov.uk/id/eur/2014/600">Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (Text with EEA relevance)</ref>
.
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-45910c73ab2c4922eabf15938a499c0c" marker="F8">
<p>
<ref eId="cycuj8lz4-00062" class="subref" href="http://www.legislation.gov.uk/id/eur/2012/648/article/81/4">Art. 81(4)</ref>
omitted (31.12.2020) by virtue of
<ref eId="cycuj8lz4-00063" href="http://www.legislation.gov.uk/id/uksi/2018/1318">The Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 (S.I. 2018/1318)</ref>
,
<ref eId="cycuj8lz4-00064" class="subref" href="http://www.legislation.gov.uk/id/uksi/2018/1318/regulation/1/3">regs. 1(3)</ref>
,
<ref eId="cycuj8lz4-00065" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2018/1318/regulation/3/b">3(b)</ref>
(with savings in
<ref eId="cycuj8lz4-00066" href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref eId="cycuj8lz4-00067" class="subref" href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
);
<ref eId="cycuj8lz4-00068" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="cycuj8lz4-00069" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="c000006" marker="F9">
<p>
Substituted by
<ref eId="ccd13e466202303311057449830100" href="http://www.legislation.gov.uk/id/eur/2019/834">Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories (Text with EEA relevance)</ref>
.
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-ab5c987b564b0d08be07a12791c1be5c" marker="F10">
<p>
Words in
<ref eId="ccd8e2202304211351107710100" class="subref" href="http://www.legislation.gov.uk/id/eur/2012/648/article/81/5">Art. 81(5)</ref>
substituted (31.12.2020) by
<ref eId="d10e5" href="http://www.legislation.gov.uk/id/uksi/2019/1416">The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416)</ref>
,
<ref eId="ccd8e8202304211351107710100" class="subref" href="http://www.legislation.gov.uk/id/uksi/2019/1416/regulation/1/3">regs. 1(3)</ref>
,
<ref eId="ccd8e11202304211351107710100" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2019/1416/regulation/33/b/i">33(b)(i)</ref>
(with savings in
<ref eId="d10e14" href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref eId="ccd8e18202304211351107710100" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
as amended by
<ref eId="d10e21" href="http://www.legislation.gov.uk/id/uksi/2020/628">S.I. 2020/628</ref>
,
<ref eId="ccd8e24202304211351107710100" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/628/regulation/1/3">regs. 1(3)</ref>
,
<ref eId="ccd8e27202304211351107710100" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2020/628/regulation/13/2">13(2)</ref>
);
<ref eId="d10e30" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="ccd8e33202304211351107710100" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-c44247694bae8facf55859e7cb3dc05f" marker="F11">
<p>
Words in
<ref eId="ccd8e2202304211351241860100" class="subref" href="http://www.legislation.gov.uk/id/eur/2012/648/article/81/5">Art. 81(5)</ref>
omitted (31.12.2020) by virtue of
<ref eId="d10e5" href="http://www.legislation.gov.uk/id/uksi/2019/1416">The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416)</ref>
,
<ref eId="ccd8e8202304211351241860100" class="subref" href="http://www.legislation.gov.uk/id/uksi/2019/1416/regulation/1/3">regs. 1(3)</ref>
,
<ref eId="ccd8e11202304211351241860100" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2019/1416/regulation/33/b/ii">33(b)(ii)</ref>
(with savings in
<ref eId="d10e14" href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref eId="ccd8e18202304211351241860100" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
as amended by
<ref eId="d10e21" href="http://www.legislation.gov.uk/id/uksi/2020/628">S.I. 2020/628</ref>
,
<ref eId="ccd8e24202304211351241860100" class="subref" href="http://www.legislation.gov.uk/id/uksi/2020/628/regulation/1/3">regs. 1(3)</ref>
,
<ref eId="ccd8e27202304211351241860100" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2020/628/regulation/13/2">13(2)</ref>
);
<ref eId="d10e30" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="ccd8e33202304211351241860100" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-ba8815a318901f2365f7ba50ef6fc9cc" marker="F12">
<p>
<ref eId="cycvamix4-00004" class="subref" href="http://www.legislation.gov.uk/id/eur/2012/648/article/82">Art. 82</ref>
omitted (31.12.2020) by virtue of
<ref eId="cycvamix4-00005" href="http://www.legislation.gov.uk/id/uksi/2019/335">The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335)</ref>
,
<ref eId="cycvamix4-00006" class="subref" href="http://www.legislation.gov.uk/id/uksi/2019/335/regulation/1/1">regs. 1(1)</ref>
,
<ref eId="cycvamix4-00007" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2019/335/regulation/56/16">56(16)</ref>
(with savings in
<ref eId="cycvamix4-00008" href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref eId="cycvamix4-00009" class="subref" href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
);
<ref eId="cycvamix4-00010" href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref eId="cycvamix4-00011" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
</notes>
<proprietary xmlns:ukm="http://www.legislation.gov.uk/namespaces/metadata" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:dct="http://purl.org/dc/terms/" source="#">
<dc:identifier>http://www.legislation.gov.uk/eur/2012/648/title/VII/2020-12-31</dc:identifier>
<dc:title>Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (Text with EEA relevance)</dc:title>
<dct:alternative>Regulation (EU) No 648/2012 of the European Parliament and of the Council</dct:alternative>
<dc:description>Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (Text with EEA relevance)</dc:description>
<dc:publisher>King's Printer of Acts of Parliament</dc:publisher>
<dc:source>https://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02012R0648-20200618</dc:source>
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<dc:language>en</dc:language>
<dc:modified>2024-11-12</dc:modified>
<dc:contributor>Expert Participation</dc:contributor>
<dct:valid>2020-12-31</dct:valid>
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<title eId="title-VII" uk:target="true">
<num>TITLE VII</num>
<heading>
<b>REQUIREMENTS FOR TRADE REPOSITORIES</b>
</heading>
<article eId="article-78">
<num>Article 78</num>
<heading>General requirements</heading>
<paragraph eId="article-78-1">
<num>1.</num>
<content>
<p>A trade repository shall have robust governance arrangements, which include a clear organisational structure with well defined, transparent and consistent lines of responsibility and adequate internal control mechanisms, including sound administrative and accounting procedures, which prevent any disclosure of confidential information.</p>
</content>
</paragraph>
<paragraph eId="article-78-2">
<num>2.</num>
<content>
<p>A trade repository shall maintain and operate effective written organisational and administrative arrangements to identify and manage any potential conflicts of interest concerning its managers, employees, or any person directly or indirectly linked to them by close links.</p>
</content>
</paragraph>
<paragraph eId="article-78-3">
<num>3.</num>
<content>
<p>A trade repository shall establish adequate policies and procedures sufficient to ensure its compliance, including of its managers and employees, with all the provisions of this Regulation.</p>
</content>
</paragraph>
<paragraph eId="article-78-4">
<num>4.</num>
<content>
<p>A trade repository shall maintain and operate an adequate organisational structure to ensure continuity and orderly functioning of the trade repository in the performance of its services and activities. It shall employ appropriate and proportionate systems, resources and procedures.</p>
</content>
</paragraph>
<paragraph eId="article-78-5">
<num>5.</num>
<content>
<p>Where a trade repository offers ancillary services such as trade confirmation, trade matching, credit event servicing, portfolio reconciliation or portfolio compression services, the trade repository shall maintain those ancillary services operationally separate from the trade repository’s function of centrally collecting and maintaining records of derivatives.</p>
</content>
</paragraph>
<paragraph eId="article-78-6">
<num>6.</num>
<content>
<p>The senior management and members of the board of a trade repository shall be of sufficiently good repute and experience so as to ensure the sound and prudent management of the trade repository.</p>
</content>
</paragraph>
<paragraph eId="article-78-7">
<num>7.</num>
<content>
<p>A trade repository shall have objective, non-discriminatory and publicly disclosed requirements for access by undertakings subject to the reporting obligation under Article 9. A trade repository shall grant service providers non-discriminatory access to information maintained by the trade repository, on condition that the relevant counterparties have provided their consent. Criteria that restrict access shall only be permitted to the extent that their objective is to control the risk to the data maintained by a trade repository.</p>
</content>
</paragraph>
<paragraph eId="article-78-8">
<num>8.</num>
<content>
<p>A trade repository shall publicly disclose the prices and fees associated with services provided under this Regulation. It shall disclose the prices and fees of each service provided separately, including discounts and rebates and the conditions to benefit from those reductions. It shall allow reporting entities to access specific services separately. The prices and fees charged by a trade repository shall be cost-related.</p>
</content>
</paragraph>
</article>
<article eId="article-79">
<num>Article 79</num>
<heading>Operational reliability</heading>
<paragraph eId="article-79-1">
<num>1.</num>
<content>
<p>A trade repository shall identify sources of operational risk and minimise them through the development of appropriate systems, controls and procedures. Such systems shall be reliable and secure and have adequate capacity to handle the information received.</p>
</content>
</paragraph>
<paragraph eId="article-79-2">
<num>2.</num>
<content>
<p>A trade repository shall establish, implement and maintain an adequate business continuity policy and disaster recovery plan aiming at ensuring the maintenance of its functions, the timely recovery of operations and the fulfilment of the trade repository’s obligations. Such a plan shall at least provide for the establishment of backup facilities.</p>
</content>
</paragraph>
<paragraph eId="article-79-3">
<num>3.</num>
<content>
<p>A trade repository from which registration has been withdrawn shall ensure orderly substitution including the transfer of data to other trade repositories and the redirection of reporting flows to other trade repositories.</p>
</content>
</paragraph>
</article>
<article eId="article-80">
<num>Article 80</num>
<heading>Safeguarding and recording</heading>
<paragraph eId="article-80-1">
<num>1.</num>
<content>
<p>A trade repository shall ensure the confidentiality, integrity and protection of the information received under Article 9.</p>
</content>
</paragraph>
<paragraph eId="article-80-2">
<num>2.</num>
<content>
<p>A trade repository may only use the data it receives under this Regulation for commercial purposes if the relevant counterparties have provided their consent.</p>
</content>
</paragraph>
<paragraph eId="article-80-3">
<num>3.</num>
<content>
<p>A trade repository shall promptly record the information received under Article 9 and shall maintain it for at least 10 years following the termination of the relevant contracts. It shall employ timely and efficient record keeping procedures to document changes to recorded information.</p>
</content>
</paragraph>
<paragraph eId="article-80-4">
<num>4.</num>
<content>
<p>A trade repository shall calculate the positions by class of derivatives and by reporting entity based on the details of the derivative contracts reported in accordance with Article 9.</p>
</content>
</paragraph>
<paragraph eId="article-80-5">
<num>5.</num>
<content>
<p>A trade repository shall allow the parties to a contract to access and correct the information on that contract in a timely manner.</p>
</content>
</paragraph>
<paragraph eId="article-80-5a">
<num>
<ins class="first" ukl:ChangeId="O011001M033" ukl:CommentaryRef="c000010">
<noteRef uk:name="commentary" href="#c000010" class="commentary"/>
5a.
</ins>
</num>
<content>
<p>
<ins class="last" ukl:ChangeId="O011001M033" ukl:CommentaryRef="c000010">Upon request, a trade repository shall provide counterparties that are not required to report the details of their OTC derivative contracts pursuant to Article 9(1a) to (1d) and counterparties and CCPs which have delegated their reporting obligation pursuant to Article 9(1f) with access to the information reported on their behalf.</ins>
</p>
</content>
</paragraph>
<paragraph eId="article-80-6">
<num>6.</num>
<content>
<p>A trade repository shall take all reasonable steps to prevent any misuse of the information maintained in its systems.</p>
<p>A natural person who has a close link with a trade repository or a legal person that has a parent undertaking or a subsidiary relationship with the trade repository shall not use confidential information recorded in a trade repository for commercial purposes.</p>
</content>
</paragraph>
</article>
<article eId="article-81">
<num>Article 81</num>
<heading>Transparency and data availability</heading>
<paragraph eId="article-81-1">
<num>1.</num>
<content>
<p>A trade repository shall regularly, and in an easily accessible way, publish aggregate positions by class of derivatives on the contracts reported to it.</p>
</content>
</paragraph>
<paragraph eId="article-81-2">
<num>2.</num>
<content>
<p>A trade repository shall collect and maintain data and shall ensure that the entities referred to in paragraph 3 have direct and immediate access to the details of derivatives contracts they need to fulfil their respective responsibilities and mandates.</p>
</content>
</paragraph>
<paragraph eId="article-81-3">
<num>
<ins class="substitution first" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005">
<noteRef uk:name="commentary" href="#c000005" class="commentary"/>
3.
</ins>
</num>
<intro>
<p>
<ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005"> A trade repository shall make the necessary information available to the following entities to enable them to fulfil their respective responsibilities and mandates: </ins>
</p>
</intro>
<level class="para1" eId="article-81-3--a">
<num>
<ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005">
<ins class="substitution first" ukl:ChangeId="key-83c870b66d2f76613e4e0f624dec7238-1682080589647" ukl:CommentaryRef="key-83c870b66d2f76613e4e0f624dec7238">
<noteRef uk:name="commentary" href="#key-83c870b66d2f76613e4e0f624dec7238" class="commentary"/>
(a)
</ins>
</ins>
</num>
<content>
<p>
<ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005">
<ins class="substitution" ukl:ChangeId="key-83c870b66d2f76613e4e0f624dec7238-1682080589647" ukl:CommentaryRef="key-83c870b66d2f76613e4e0f624dec7238">the FCA;</ins>
</ins>
</p>
</content>
</level>
<level class="para1" eId="article-81-3--b">
<num>
<ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005">
<ins class="substitution" ukl:ChangeId="key-83c870b66d2f76613e4e0f624dec7238-1682080589647" ukl:CommentaryRef="key-83c870b66d2f76613e4e0f624dec7238">(b)</ins>
</ins>
</num>
<content>
<p>
<ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005">
<ins class="substitution" ukl:ChangeId="key-83c870b66d2f76613e4e0f624dec7238-1682080589647" ukl:CommentaryRef="key-83c870b66d2f76613e4e0f624dec7238">the Bank of England;</ins>
</ins>
</p>
</content>
</level>
<level class="para1" eId="article-81-3--c">
<num>
<ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005">
<ins class="substitution" ukl:ChangeId="key-83c870b66d2f76613e4e0f624dec7238-1682080589647" ukl:CommentaryRef="key-83c870b66d2f76613e4e0f624dec7238">(c)</ins>
</ins>
</num>
<content>
<p>
<ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005">
<ins class="substitution last" ukl:ChangeId="key-83c870b66d2f76613e4e0f624dec7238-1682080589647" ukl:CommentaryRef="key-83c870b66d2f76613e4e0f624dec7238">the Pensions Regulator;</ins>
</ins>
</p>
</content>
</level>
<level class="para1" eId="article-81-3--d">
<num>
<ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005">
<ins class="first" ukl:ChangeId="key-aa782d5c351db2b83283629e0edf9737-1682080695632" ukl:CommentaryRef="key-aa782d5c351db2b83283629e0edf9737">
<noteRef uk:name="commentary" href="#key-aa782d5c351db2b83283629e0edf9737" class="commentary"/>
d)
</ins>
</ins>
</num>
<content>
<p>
<ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005">
<ins ukl:ChangeId="key-aa782d5c351db2b83283629e0edf9737-1682080695632" ukl:CommentaryRef="key-aa782d5c351db2b83283629e0edf9737">the relevant authorities of a third country where the third country is recognised by regulations made by the Treasury as one in which the arrangements for trade repositories are equivalent to those in the United Kingdom (in accordance with paragraph 1 of Article 75);</ins>
</ins>
</p>
</content>
</level>
<level class="para1" eId="article-81-3--e">
<num>
<ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005">
<ins ukl:ChangeId="key-aa782d5c351db2b83283629e0edf9737-1682080695632" ukl:CommentaryRef="key-aa782d5c351db2b83283629e0edf9737">e)</ins>
</ins>
</num>
<content>
<p>
<ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005">
<ins class="last" ukl:ChangeId="key-aa782d5c351db2b83283629e0edf9737-1682080695632" ukl:CommentaryRef="key-aa782d5c351db2b83283629e0edf9737">the relevant authorities of a third country that has entered into a cooperation arrangement with the FCA as referred to in Article 76;</ins>
</ins>
</p>
</content>
</level>
<level class="para1" eId="article-81-3--f">
<num>
<ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005">
<ins class="first" ukl:ChangeId="key-f023bd2fb441ca452c9c1577f027e16c-1682080736096" ukl:CommentaryRef="key-f023bd2fb441ca452c9c1577f027e16c">
<noteRef uk:name="commentary" href="#key-f023bd2fb441ca452c9c1577f027e16c" class="commentary"/>
f)
</ins>
</ins>
</num>
<content>
<p>
<ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005">
<ins class="last" ukl:ChangeId="key-f023bd2fb441ca452c9c1577f027e16c-1682080736096" ukl:CommentaryRef="key-f023bd2fb441ca452c9c1577f027e16c">the relevant authorities of a third country in respect of which the Treasury has made regulations under Article 76a;</ins>
</ins>
</p>
</content>
</level>
<level class="para1" eId="article-81-3--g">
<num>
<ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005">
<ins class="first" ukl:ChangeId="key-9d996ff7e31af67d67d8fe9971fb7c44-1682081028508" ukl:CommentaryRef="key-9d996ff7e31af67d67d8fe9971fb7c44">
<noteRef uk:name="commentary" href="#key-9d996ff7e31af67d67d8fe9971fb7c44" class="commentary"/>
g)
</ins>
</ins>
</num>
<content>
<p>
<ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005">
<ins ukl:ChangeId="key-9d996ff7e31af67d67d8fe9971fb7c44-1682081028508" ukl:CommentaryRef="key-9d996ff7e31af67d67d8fe9971fb7c44">the body known as the Panel on Takeovers and Mergers;</ins>
</ins>
</p>
</content>
</level>
<level class="para1" eId="article-81-3--h">
<num>
<ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005">
<ins ukl:ChangeId="key-9d996ff7e31af67d67d8fe9971fb7c44-1682081028508" ukl:CommentaryRef="key-9d996ff7e31af67d67d8fe9971fb7c44">h)</ins>
</ins>
</num>
<content>
<p>
<ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005">
<ins class="last" ukl:ChangeId="key-9d996ff7e31af67d67d8fe9971fb7c44-1682081028508" ukl:CommentaryRef="key-9d996ff7e31af67d67d8fe9971fb7c44">the PRA.</ins>
</ins>
</p>
</content>
</level>
<wrapUp>
<p>
<ins class="substitution" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005">
<ins class="first" ukl:ChangeId="O006001M004" ukl:CommentaryRef="c000012">
<noteRef uk:name="commentary" href="#c000012" class="commentary"/>
A trade repository shall transmit data to competent authorities in accordance with the requirements under Article 26 of Regulation (EU) No 600/2014
</ins>
</ins>
<authorialNote class="footnote" eId="f00047" marker="47">
<p>
<ins class="substitution first" ukl:ChangeId="O005001M003-f00047" ukl:CommentaryRef="c000005">
<noteRef uk:name="commentary" href="#c000005" class="commentary"/>
<ins class="first" ukl:ChangeId="O006001M004-f00047" ukl:CommentaryRef="c000012">
<noteRef uk:name="commentary" href="#c000012" class="commentary"/>
Regulation (EU) No 600/2014 of the European Parliament and of the Council of
</ins>
</ins>
<ins class="substitution" ukl:ChangeId="O005001M003-f00047" ukl:CommentaryRef="c000005">
<ins ukl:ChangeId="O006001M004-f00047" ukl:CommentaryRef="c000012">15 May 2014</ins>
</ins>
<ins class="substitution" ukl:ChangeId="O005001M003-f00047" ukl:CommentaryRef="c000005">
<ins ukl:ChangeId="O006001M004-f00047" ukl:CommentaryRef="c000012"> on markets in financial instruments and amending Regulation (EU) No 648/2012 (</ins>
</ins>
<ins class="substitution" ukl:ChangeId="O005001M003-f00047" ukl:CommentaryRef="c000005">
<ins ukl:ChangeId="O006001M004-f00047" ukl:CommentaryRef="c000012">
<ref eId="c00047" href="https://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2014.173.01.0084.01.ENG">OJ L 173, 12.6.2014, p. 84</ref>
</ins>
</ins>
<ins class="substitution last" ukl:ChangeId="O005001M003-f00047" ukl:CommentaryRef="c000005">
<ins class="last" ukl:ChangeId="O006001M004-f00047" ukl:CommentaryRef="c000012">).</ins>
</ins>
</p>
</authorialNote>
<ins class="substitution last" ukl:ChangeId="O005001M003" ukl:CommentaryRef="c000005">
<ins class="last" ukl:ChangeId="O006001M004" ukl:CommentaryRef="c000012"> .</ins>
</ins>
</p>
</wrapUp>
</paragraph>
<paragraph eId="article-81-4">
<num>
<noteRef href="#key-45910c73ab2c4922eabf15938a499c0c" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
4.
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</paragraph>
<paragraph eId="article-81-5">
<num>
<ins class="substitution first" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006">
<noteRef uk:name="commentary" href="#c000006" class="commentary"/>
5.
</ins>
</num>
<intro>
<p>
<ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006">
<ins class="substitution first last" ukl:ChangeId="key-ab5c987b564b0d08be07a12791c1be5c-1682080785771" ukl:CommentaryRef="key-ab5c987b564b0d08be07a12791c1be5c">
<noteRef uk:name="commentary" href="#key-ab5c987b564b0d08be07a12791c1be5c" class="commentary"/>
The FCA may make
</ins>
</ins>
<ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006"> technical standards specifying the following: </ins>
</p>
</intro>
<level class="para1" eId="article-81-5--a">
<num>
<ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006"> (a) </ins>
</num>
<content>
<p>
<ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006"> the information to be published or made available in accordance with paragraphs 1 and 3; </ins>
</p>
</content>
</level>
<level class="para1" eId="article-81-5--b">
<num>
<ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006"> (b) </ins>
</num>
<content>
<p>
<ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006"> the frequency of publication of the information referred to in paragraph 1; </ins>
</p>
</content>
</level>
<level class="para1" eId="article-81-5--c">
<num>
<ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006"> (c) </ins>
</num>
<content>
<p>
<ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006"> the operational standards required to aggregate and compare data across trade repositories and for the entities referred to in paragraph 3 to access that information; </ins>
</p>
</content>
</level>
<level class="para1" eId="article-81-5--d">
<num>
<ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006"> (d) </ins>
</num>
<content>
<p>
<ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006"> the terms and conditions, the arrangements and the required documentation under which trade repositories grant access to the entities referred to in paragraph 3. </ins>
</p>
</content>
</level>
<wrapUp>
<p>
<noteRef href="#key-c44247694bae8facf55859e7cb3dc05f" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
<ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006">...</ins>
</p>
<p>
<noteRef href="#key-c44247694bae8facf55859e7cb3dc05f" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
<ins class="substitution" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006">...</ins>
</p>
<p>
<noteRef href="#key-c44247694bae8facf55859e7cb3dc05f" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
<ins class="substitution last" ukl:ChangeId="O011001M036" ukl:CommentaryRef="c000006">... </ins>
</p>
</wrapUp>
</paragraph>
</article>
<article eId="article-82">
<num>
<noteRef href="#key-ba8815a318901f2365f7ba50ef6fc9cc" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
Article 82
</num>
<heading>Exercise of the delegation</heading>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</article>
</title>
</body>
</act>
</akomaNtoso>