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23.2.2013 Official
Journal
of
the
European
Union L
52/33
COMMISSION DELEGATED REGULATION (EU) No 151/2013
of 19 December 2012
supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council on
OTC derivatives, central counterparties and trade repositories, with regard to regulatory technical
standards specifying the data to be published and made available by trade repositories and
operational standards for aggregating, comparing and accessing the data
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
stability in the Union, and should therefore have access
to transaction data for all counterparties for the purpose
of their respective tasks in that regard.
Having regard to the Treaty on the Functioning of the European
Union,
(5) Supervisors
and
overseers
of
central
counterparties
(CCPs) need access to enable the effective exercise of
Having regard to the opinion of the European Central Bank (
their duties over of such entities, and should therefore

1 ),
have access to all the information necessary for such
mandate.
Having regard to Regulation (EU) No 648/2012 of the European
Parliament and of the Council of 4 July 2012 on OTC deriva
(6) Access
by
the
relevant
ESCB
members
serves
to
fulfil
tives, central counterparties and trade repositories ( 2 ), and in
their basic tasks, most notably the functions of a
particular Article 81(5) thereof,
central bank of issue, their financial stability mandate,
and in some cases prudential supervision over some
counterparties. Since certain ESCB members have
Whereas:
different mandates under national legislation, they
should be granted access to data in accordance to the
different mandates listed in Article 81(3) of Regulation
(1) It
is
essential
to
clearly
identify
relevant
contracts
and
(EU) No 648/2012.
their respective counterparties. Following a functional
approach, entities accessing data held by trade reposi
tories should be considered according to the
(7)
The relevant Union securities and market authorities have
competences they have and the functions they perform.
as a main duty investor protection in their respective
jurisdictions and should be granted access to transaction
data on markets, participants, products and underlyings
covered under by their surveillance and enforcement
(2) The
European
Securities
and
Markets
Authority
(ESMA)
mandates.
should have access to all the transaction level data held
by trade repositories, for the purpose of trade repository
supervision, to be able to make information requests,
(8) The
authorities
appointed
under
Article
4
of
Directive
take appropriate supervisory measures and also monitor
2004/25/EC of the European Parliament and of the
whether registration as a trade repository should be kept
Council of 21 April 2004 on takeover bids (
or withdrawn.

4 ) should

be granted access to the transactions in equity derivatives
where the underlying is either admitted to trading on a
regulated market in their jurisdiction, has their legal
(3) Given its responsibilities under Regulation (EU)
address within their jurisdiction or is an offeror for a
No 1095/2010 of the European Parliament and of the
company for such an undertaking and the consideration
Council of 24 November 2010 establishing a European
it offers includes securities.
Supervisory Authority (European Securities and Markets
Authority) ( 3 ) and Regulation (EU) No 648/2012, ESMA
should be given access on different mandates. The access
(9)
The Agency for the Cooperation of Energy Regulators
to data by individual staff members of ESMA should be
(ACER) should be granted access for the purpose of
in line with each of those specific mandates.
monitoring wholesale energy markets in order to detect
and deter market abuse in cooperation with national
regulatory authorities, and the monitoring of wholesale
(4) The
European
Systemic
Risk
Board
(ESRB),
ESMA
and
the
energy markets to detect and deter market abuse under
relevant members of the European System of Central
Regulation (EU) No 1227/2011 the European Parliament
Banks (ESCB), including some national central banks
and of the Council of 25 October 2011 on wholesale
and relevant Union securities and markets authorities,
energy market integrity and transparency (REMIT) ( 5 ).
have a mandate for monitoring and preserving financial
ACER should therefore have access to all data held by
a trade repository as regards energy derivatives.
( 1 ) Not yet published in the Official Journal.
( 2 ) OJ L 201, 27.7.2012, p. 1.
( 4 ) OJ L 142, 30.4.2004, p. 12.
( 3 ) OJ L 331, 15.12.2010, p. 84.
( 5 ) OJ L 326, 8.12.2011, p. 1.

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L 52/34
EN
Official Journal of the European Union
23.2.2013
(10) Regulation
(EU)
No
648/2012
only
covers
trade
data
and
(a) a breakdown of the aggregate open positions per derivative
not pre-trade data such as orders to trade as required
class as follows:
under Regulation (EU) No 1227/2011. Therefore, trade
repositories should not be regarded as the appropriate
source of information to ACER in that regard.
(i) commodities;

(ii) credit;
(11) Under
a
functional
approach
for
accessing
data
held
by
trade repositories, prudential supervision is an essential
component. Similarly, different authorities might have a
(iii) foreign exchange;
prudential supervisory mandate. Therefore, access to the
transaction data on the relevant entities should be
(iv) equity;
ensured to all authorities listed under Article 81(3) of
Regulation (EU) No 648/2012.
(v) interest rate;
(12) Entities
accessing
trade
repository
data
under
Article
81(3)
(vi) other;
of Regulation (EU) No 648/2012 should ensure that they
keep and enforce policies in order to ensure that only the
relevant persons access the information for a well-defined
(b) a breakdown of aggregate transaction volumes per
and legally founded purpose, also being clear on the
derivative class as follows:
possible other persons authorised to access such data.
(i) commodities;
(13) The
access
to
data
should
be
considered
within
three
aggregation levels. Transaction data should include indi
(ii) credit;
vidual trade details; position data should regard aggregate
position data by underlying/product for individual
(iii) foreign exchange;
counterparties; and aggregate notional data should
correspond to overall positions by underlying/product
with no counterparty details. Access to transaction data
(iv) equity;
would also grant access to position level and aggregate
data. Access to position data would also grant access to
(v) interest rate;
aggregate data, but not transaction level data. Conversely,
access to aggregate notional data should be the less
granular category and should not enable access to
(vi) other;
position or transaction level data.
(c) a breakdown of aggregate values per derivative class, as
follows:
(14) This Regulation is based on the draft regulatory technical
standards submitted by the European Securities and
Markets Authority to the Commission.
(i) commodities;

(ii) credit;
(15) In accordance with Article 10 of Regulation (EU)
No 1095/2010, ESMA has consulted the relevant auth
orities and the members of the European System of
(iii) foreign exchange;
Central Banks (ESCB) before submitting the draft regu
latory technical standards on which this Regulation is
(iv) equity;
based. ESMA has also conducted open public consul
tations on these draft regulatory technical standards,
analysed the potential related costs and benefits and
(v) interest rate;
requested the opinion of the ESMA Securities and
Markets Stakeholder Group established in accordance
(vi) other.
with Article 37 of that Regulation,
2. The
data
shall
be
published
on
a
website
or
an
online
portal which is easily accessible by the public and updated at
HAS ADOPTED THIS REGULATION:
least weekly.
Article 1
Article 2
Publication of aggregate data
Data access by relevant authorities
1. Trade
repositories
shall
publish
data
provided
for
in 1. A
trade
repository
shall
provide
access
to
all
transaction
Article 81(1) of Regulation (EU) No 648/2012, including at
data to the European Securities and Markets Authority (ESMA)
least:
for the purpose of fulfilling its supervisory competences.

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EN
23.2.2013 Official
Journal
of
the
European
Union L
52/35
2. ESMA
shall
enact
internal
procedures
in
order
to
ensure of Regulation (EU) No 648/2012 with access to all transaction
the appropriate staff access and any relevant limitations of
data on markets, participants, contracts and underlyings that fall
access as regards non-supervisory activities under ESMA’s
within the scope of that authority according to its respective
mandate.
supervisory responsibilities and mandates.
3. A
trade
repository
shall
provide
the
Authority
for
the 9. A
trade
repository
shall
provide
the
European
Systemic
Cooperation of Energy Regulators (ACER) with access to all
Risk Board, ESMA and the relevant members of the ESCB
transaction data regarding derivatives where the underlying is
with transaction level data:
energy or emission allowances.
(a) for all counterparties within their respective jurisdictions;
4. A
trade
repository
shall
provide
a
competent
authority
supervising a CCP and the relevant member of the European
System of Central Banks (ESCB) overseeing the CCP, where
(b) for derivatives contracts where the reference entity of the
applicable, with access to all the transaction data cleared or
derivative contract is located within their respective juris
reported by the CCP.
diction or where the reference obligation is sovereign debt
of the respective jurisdiction.
5. A
trade
repository
shall
provide
a
competent
authority 10. A
trade
repository
shall
provide
a
relevant
ESCB
member
supervising the venues of execution of the reported contracts
with access to position data for derivatives contracts in the
with access to all the transaction data on contracts executed on
currency issued by that member.
those venues.
11. A
trade
repository
shall
provide,
for
the
prudential
super
6. A
trade
repository
shall
provide
a
supervisory
authority vision of counterparties subject to the reporting obligation, the
appointed under Article 4 of Directive 2004/25/EC with access
relevant entities listed in Article 81(3) of Regulation (EU)
to all the transaction data on derivatives where the underlying is
No 648/2012 with access to all transaction data of such
a security issued by a company which meets one of the
counterparties.
following conditions:
Article 3
(a) it is admitted to trading on a regulated market within their
Third country authorities
jurisdiction;
1. In relation to a relevant authority of a third country that
has entered into an international agreement with the Union as
(b) it has its registered office or, where it has no registered
referred to in Article 75 of Regulation (EU) No 648/2012, a
office, its head office, in their jurisdiction;
trade repository shall provide access to the data, taking account
of the third country authority’s mandate and responsibilities and
in line with the provisions of the relevant international
(c) it is an offeror for the entities provided for in points (a) or
agreement.
(b) and the consideration it offers includes securities.
2. In relation to a relevant authority of a third country that
7. The
data
to
be
provided
in
accordance
with
paragraph
6 has entered into a cooperation arrangement with ESMA as
shall include information on:
referred to in Article 76 of Regulation (EU) No 648/2012, a
trade repository shall provide access to the data, taking account
of the third country authority’s mandate and responsibilities and
(a) the underlying securities;
in line with the provisions of the relevant cooperation
arrangement.
(b) the derivative class;
Article 4
Operational standards for aggregation and comparison of
(c) the sign of the position;
data
1. A
trade
repository
shall
provide
access
to
the
entities
listed
in Article 81(3) of Regulation (EU) No 648/2012 in accordance
(d) the number of reference securities;
with communication procedures, standards for messaging and
reference data that are commonly used at international level.
(e) the counterparties to the derivative.
2. The
counterparties
to
a
trade
shall
generate
a
unique
trade
identifier for each derivative contract to enable trade repositories
8. A
trade
repository
shall
provide
the
relevant
Union to aggregate and compare data across different trade reposi
securities and markets authorities referred to in Article 81(3)(h)
tories.

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L 52/36
EN
Official Journal of the European Union
23.2.2013
Article 5
(b) a reference to the legal provisions granting access to such
data under Regulation (EU) No 648/2012 and this Regu
Operational standards for access to data
lation.
1. A
trade
repository
shall
record
information
regarding
the
access to data given to the entities listed in Article 81(3) of
Regulation (EU) No 648/2012.
Article 6
Entry into force
2. The
information
referred
to
in
paragraph
1
shall
include:
This Regulation shall enter into force on the twentieth day
following that of its publication in the Official Journal of the
(a) the scope of data accessed;
European Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 19 December 2012.
For the Commission
The President
José Manuel BARROSO

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Document Outline

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