III.2.33.

What are the reasonable steps that the persons required to report data should take in order to verify the completeness, accuracy and timeliness of the data which they submit through third parties under Article 11(2) third subparagraph of Commission Implementing Regulation 1348/2014?

Answer: The Agency understands that in order to define the reasonable steps to verify the completeness, accuracy and timeliness of the data, as laid down in Article 11(2) third subparagraph of Commission Implementing Regulation 1348/2014, a different level of control/verification should be performed by the big, medium and small size market participants. The Agency suggests as guidance regarding the reasonable steps that market participants should undertake verification of data samples in the predefined time period at least on a quarterly basis. Depending on the market participant’s size and/or volume of transactions in the relevant period a higher frequency of verification may be considered reasonable.
It is the Agency’s understanding that market participants are responsible for the completeness, accuracy and timeliness of data provided to OMPs and of OTC data provided to RRMs. OMPs are responsible for submitting complete, accurate and timely data from its platform to RRMs and RRMs are responsible for submitting the complete, accurate and timely data it receives to the Agency. Market participants and OMPs shall have procedures in place to ensure completeness, accuracy and timeliness of data that is submitted through RRMs. Each entity is expected to be responsible for what is under its control based on its role and the information available to it in the data reporting process.
The Agency also understands that third-parties reporting on behalf of the market participant (OMPs and/or RRMs) should grant the market participant access to the data as reported by the third-party.
In accordance with Article 9a of REMIT, and to be further specified in delegated acts23, RRMs shall have mechanisms in place allowing transaction reports to be effectively checked with regard to their completeness, to identify omissions and obvious errors caused by the market participant, and where such error or omission occurs, to communicate details of the error or omission to the market participant and to request receipt of a corrected version of such reports.
RRMs shall also have systems in place to enable them to detect errors or omissions caused by them and to enable them to correct and transmit, or re-transmit as the case may be, correct and complete transaction reports to the Agency.
The Agency considers that RRMs should grant access to data reported by the RRM to: (i) the market participant, (ii) a third party chosen by the market participant, or (iii) an organised marketplace reporting data on the basis of Article 8(1a) of REMIT. This access should be granted with consideration to the principle of transparency, fairness, non-discrimination and in line with competition law.

Please note that, by 8 May 2025, the Commission shall revise the REMIT IR and adopt a delegated act on the authorisation and supervision of registered reporting mechanisms which may affect the answer to this question.