An infringement of Article 4 shall not affect the validity of the terms of an SFT or the possibility of the parties to enforce the terms of an SFT. The information published pursuant to paragraph 1 shall specify at least the type and nature of the infringement and the identity of the person subject to the decision. 5. That Committee shall be a committee within the meaning of Regulation (EU) No 182/2011 of the European Parliament and of the Council (29). This should also enable trade repositories registered or recognised in accordance with that Regulation to fulfil the repository function assigned by this Regulation, if they comply with certain additional criteria, subject to completion of a simplified registration process. 190).’.". A decision issued by ESMA pursuant to paragraph 1 shall take effect on the fifth working day following its adoption. A trade repository shall, without undue delay, notify ESMA of any material changes to the conditions for registration. In order to ensure consistent application of this Article, ESMA shall, in close cooperation with the ESCB and taking into account the needs of the entities referred to in paragraph 2, develop draft regulatory technical standards specifying: the frequency and the details of the aggregate positions referred to in paragraph 1 and the details of SFTs referred to in paragraph 2; the operational standards required, to allow the timely, structured and comprehensive: collection of data by trade repositories; aggregation and comparison of data across repositories; the details of the information to which the entities referred to in paragraph 2 are to have access, taking into account their mandate and their specific needs; the terms and conditions under which the entities referred to in paragraph 2 are to have direct and immediate access to data held in trade repositories. Where an implementing act on equivalence is withdrawn, counterparties should automatically be subject again to all of the requirements laid down in this Regulation. See the EU version of this legislation on EUR-Lex, See an archived version from EUR-Lex in the web archive, the original print PDF of the as adopted version that was used for the EU Official Journal, lists of changes made by and/or affecting this legislation item, links to related legislation and further information resources, the original print PDF of the as adopted version that was used for the print copy, confers power and blanket amendment details. Following completion of, and taking into account, work at international level, the reports referred to in paragraph 1 shall also identify material risks related to the use of SFTs by credit institutions and listed companies and analyse the appropriateness of providing for additional disclosure by those entities in their periodical reports. (29)  Regulation (EU) No 182/2011 of the European Parliament and of the Council of 16 February 2011 laying down the rules and general principles concerning mechanisms for control by Member States of the Commission’s exercise of implementing powers (OJ L 55, 28.2.2011, p. 13). Competent authorities shall provide ESMA annually with aggregated and granular information regarding all administrative sanctions and other administrative measures imposed by them in accordance with Article 22. The need for international convergence is reinforced by the probability that, following structural reform of the Union banking sector, activities that are currently exercised by traditional banks might migrate to the shadow banking sector and encompass financial and non-financial entities. Transparency of collective investment undertakings in periodical reports. Cooperation between competent authorities. 1. Regulation (EU) No 648/2012 is amended as follows: In Article 2, point (7) is replaced by the following: “OTC derivative” or “OTC derivative contract” means a derivative contract the execution of which does not take place on a regulated market within the meaning of Article 4(1)(14) of Directive 2004/39/EC or on a third-country market considered to be equivalent to a regulated market in accordance with Article 2a of this Regulation;’. Reuse of collateral provides liquidity and enables counterparties to reduce funding costs. Where Member States have chosen to lay down criminal sanctions for infringements of the provisions referred to in Article 22, their competent authorities shall provide ESMA annually with anonymised and aggregated data regarding all criminal investigations undertaken and criminal sanctions imposed. 1. It is therefore essential that collective investment undertakings disclose all relevant detailed information linked to their use of SFTs and total return swaps. The entities referred to in Article 12(2) and the relevant members of ESCB shall cooperate closely in accordance with the conditions laid down in this paragraph.

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