23.2.2013 Official Journal of the European Union L 52/1 II (Non-legislative acts) REGULATIONS COMMISSION DELEGATED REGULATION (EU) No 148/2013 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 on the minimum details of the data to be reported to trade repositories (Text with EEA relevance) THE EUROPEAN COMMISSION, (3)  To avoid duplicate reporting and to reduce the reporting burden, where one counterparty or CCP reports on behalf of both counterparties, the counterparty or CCP Having regard to the Treaty on the Functioning of the European should be able to send one report to the trade repository Union, containing the relevant information. Having regard to the opinion of the European Central Bank ('), (4 Valuation of derivative contracts is essential to allow regulators to fulfil their mandates, in particular when it comes to financial stability. The mark to market or mark Having regard to Regulation (EU) No 648/2012 of the European to model value of a contract indicates the sign and size Parliament and of the Council of 4 July 2012 on OTC deriva- of the exposures related to that contract, and tives, central counterparties and trade repositories (2, and in complements the information on the original value particular Article 9(5) thereof, specified in the contract. Whereas: (5)  Gathering information on the collateral pertaining to a particular contract is essential to ensuring the proper o monitoring of exposures. To enable this, counterparties (1) In order to allow ﬂex1b111ty,.a counterparty should be that collateralise their transactions should report such able to delegate the reporting of a contract to the collateralisation details on a transaction level basis. other counterparty or to a third party. Counterparties Where collateral is calculated on the basis of net should also _be able. to agree to delegate reporting to a positions resulting from a set of contracts, and is common third entity 1.nc.lud1r1g a central‘counFerparty therefore not posted on a transaction level basis but on (CCP), the latter submitting one report, including the a portfolio basis, counterparties should be able to report relevant table of fields, to the trade repository. In these the portfolio using a unique code or numbering system circumstances a.nd.in order to ensure data quality, the as determined by the counterparty. That unique code report should 1n‘d1cate that 1t 1s made on behalf _Of should identify the specific portfolio over which the both counterparties and contain the full set of details collateral is exchanged where the counterparty has that would have been reported had the contract been more than one portfolio and should also ensure that a reported separately. derivative contract can be linked to a particular portfolio over which collateral is being held. (2)  To avoid inconsistencies in the Common Data tables, each counterparty to a derivative contract should ensure that the Common Data reported is agreed (6)  This Regulation is based on the draft regulatory technical between both parties to the trade. A unique trade identifier will help with the reconciliation of the data in the case that the counterparties are reporting to different trade repositories. () Not yet published in the Official Journal. () 0] L'201, 27.7.2012, p. 1. standards submitted by the European Securities and Markets Authority (ESMA) to the Commission and it reflects the relevance of the role of 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 class and the nature of the trade.