trade repositories to improve transparency of markets towards the public and regulators, the data to be reported to, collected by and made available by trade repositories depending on derivative type and the nature of the trade. (7)
[The European Securities and Markets Authority (ESMA) has consulted, where relevant, the relevant authorities and the members of the European System of Central Banks (ESCB) before submitting the draft technical standards on which this Regulation is based. In accordance with Article 10 of Regulation (EU) No 1095/2010, ESMA has conducted open public consultations on such draft regulatory technical standards, analysed the potential related costs and benefits and requested the opinion of the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010.]
HAS ADOPTED THIS REGULATION:
Article 1 Scope This Regulation lays down regulatory technical standards specifying the details of any derivative contract to report to a trade repository and the type of such reports pursuant to Article 9(5) of Regulation (EU) No xx/2012.
Article 2 Definitions For the purposes of this Regulation, the following definitions shall apply: (1) ‘counterparties’ means financial counterparties and non-financial counterparties, as defined in Article 2(8) and 2(9), respectively, of Regulation (EU) No xx/2012. [EMIR]; (2) ‘beneficiary’ is the party subject to the rights and obligations arising from the contract. Where the transaction is executed by a structure, such as a trust or fund, representing a number of beneficiaries, the beneficiary should be identified as that structure; (3) ‘execution timestamp’ means the moment when the two counterparties agree to the primary economic terms of a contract, which may occur prior to the confirmation of the contract; (4) ‘confirmation’ means the moment when the full terms of the contract, and any relevant master agreement are agreed between both counterparties to the contract; (5) ‘conclusion of a contract’ has the same meaning as the ‘execution of a transaction’ under Article 25 (3) of Directive 2004/39/EC16 (6) ‘equity derivative’ means a derivative contract the value of which derives from one or more equity linked underlyings, including shares or an equity index;
16
OJ L.145, 30.4.2004, p xx
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