Trade Repository Reporting and Risk Mitigation Requirements for Over-the-Counter (OTC) Derivatives Contracts

Manner of Reporting 8. All reporting banks are required to directly report to the SAMA authorised TR Operator. Banks are not allowed to report through agents or outsource their reporting requirements to third party service providers. 9. All reporting banks are required to enter into a reporting service agreement with SAMA authorised TR Operator. 10. The reporting service agreement signed by each reporting bank with SAMA authorised TR must contain a clause providing consent for the bank for the reporting of trade data to the SAMA authorised TR by its counterparties. This consent is essential to alleviate any potential concern on data confidentiality from bank counterparties, which may need to report trade data to the SAMA authorised TR relating to other counterparties that do not themselves have any such reporting obligation under the reporting requirements. 11. Since reporting has to be made to the SAMA authorised TR by electronic means, reporting banks are required to set up systems linkages and conduct user tests with the SAMA authorised TR. Reporting banks must complete the user tests to the satisfaction of the SAMA authorised TR before they will be accepted for reporting. 12. The SAMA authorised TR has designed specific templates for reporting the details of the reportable transactions. A reporting bank is required to complete all the fields in the templates, which primarily relate to the economic terms of a transaction and information essential for administrative purposes. A list of fields on the templates for reporting of transactional data is attached as Appendix A . 13. Reporting to the SAMA authorised TR is compulsory: A. When a reportable transaction is executed by a reporting bank for the first time; and B. Whenever there are subsequent reportable business events until the transaction is fully terminated (which includes termination due to novation). A list of reportable events is set out in Appendix B for reference. 14. A reporting bank may report changes in the economic details of a reportable transaction by submitting amendments to update the transaction records of the SAMA authorised TR. Alternatively, the bank may update the records of the SAMA authorised TR by submitting specific templates designated for reporting individual business events ( Appendix B ). 15. Reportable business events shall be reported by adopting a life cycle approach. Under the life cycle approach, each business event will be reported according to the T+1 reporting timeline referred to in paragraph 17 below. 16. After an original trade is novated for central clearing, the reporting bank should report the open trade as an early termination business events and open a new one with the reference to the old trade identifier in the field “Linked UTI” (table 3 item 47) as specified in the Appendix B 3.1.4 Timing of Reporting 17. The reporting bank will must ensure that it reports to the SAMA authorised TR reportable transactions (including where appropriate any subsequent business events) before 23:59:59 of the next business day (T+1). For the purpose of these reporting requirements, Fridays and Saturdays and general KSA holidays do not count as business days. 18. Reporting is not required if a reportable transaction that has yet to be reported to the SAMA authorized TR is cancelled or fully terminated within the T+1 reporting timeline. This, however, does not apply to the cancellation or full termination of a transaction for the sake of subjecting the transaction to central clearing. In such cases, the original reportable transaction pending central clearing (and the business events arising from the central clearing) should be reported according to the T+1 timeline, unless the transaction is cancelled or fully terminated before it is reported to the SAMA authorized TR with T+1 timeline. 3.1.5 Reporting error amendments 19. Guidance on reporting error amendment can be found in Appendix B .