Article 8 Unique Transaction Identifier

11. The counterparties shall ensure that they report derivatives using the UTI generated in accordance with paragraphs 2, 3 and 5.

12. A derivative, reported either at transaction or position level, shall be identified through an ISO 23897 Unique Transaction Identifier (UTI) in field 1 in Table 2 of the Annex. The UTI shall be composed by the LEI of the entity which generated that UTI followed by a code containing up to 32 characters which is unique at the level of the generating entity.

13. The counterparties shall determine the entity responsible for generating the UTI in accordance with the following:

1. (a) for cleared derivatives other than derivatives between two CCPs, the UTI shall be generated at the point of clearing by the CCP for the clearing member. A different UTI shall be generated by the clearing member for its counterparty for a trade in which the CCP is not a counterparty;

2. (b) for centrally-executed but not centrally-cleared derivatives, the UTI shall be generated by the venue of execution for its member;

3. (c) for derivatives other than those referred to in points (a) and (b), where either counterparty is subject to the reporting requirements in a third country, the UTI shall be generated pursuant to the rules of the jurisdiction of the counterparty that must comply first with those reporting requirements.

   Where the counterparty subject to reporting under Article 9 of Regulation (EU) No 648/2012 must comply first with the reporting requirements, the following entity shall generate the UTI:

   1. (i) for derivatives that were centrally confirmed by electronic means, the trade confirmation platform at the point of confirmation;

   2. (ii) for all other derivatives, the counterparties shall agree on the entity responsible for generating the UTI. Where the counterparties fail to agree, the counterparty whose LEI is first based on sorting the identifiers of the counterparties with the characters of the identifier reversed shall be responsible for the generation.

   Where the applicable laws of the relevant third country prescribe the same reporting deadline as the one applicable to the counterparty subject to reporting under Article 9 of Regulation (EU) No 648/2012 pursuant to first subparagraph of Article 9(1) of Regulation (EU) No 648/2012, the counterparties shall agree on the entity responsible for generating the UTI.

   Where the counterparties fail to agree and the derivative was centrally confirmed by electronic means, the UTI shall be generated by the trade confirmation platform at the point of confirmation.

   If the UTI cannot be generated by the trade confirmation platform at the point of confirmation and the derivative has been reported to a single trade repository, that trade repository may generate the UTI.

   If the UTI is not generated by the trade repository to which the derivative has been reported, the counterparty whose LEI is first based on sorting the identifiers of the counterparties with the characters of the identifier reversed shall be responsible for the generation.

4. (d) for derivatives other than those referred to in points (a) to (c), that were centrally-confirmed by electronic means, the UTI shall be generated by the trade confirmation platform at the point of confirmation;

5. (e) for all derivatives other than those referred to in points (a) to (d), the following shall apply:

   1. (i) where financial counterparties conclude a derivative with non-financial counterparties, the financial counterparties shall generate the UTI;

   2. (ii) where non-financial counterparties above the clearing threshold conclude a derivative with non-financial counterparties below the clearing threshold, those non-financial counterparties above the clearing threshold shall generate the UTI;

   3. (iii) for all derivatives other than those referred to in points (i) and (ii), the counterparties shall agree on the entity responsible for generating the UTI. Where the counterparties fail to agree, the counterparty whose LEI is first based on sorting the identifiers of the counterparties with the characters of the identifier reversed shall be responsible for the generation.

14. The counterparty generating the UTI shall communicate the UTI to the other counterparty in a timely manner and no later than 10:00 a.m. Coordinated Universal Time (UTC) of the working day following the date of the conclusion of the derivative.

15. Notwithstanding paragraph 2, the generation of the UTI may be delegated to an entity different from that determined in accordance with paragraph 2. The entity generating the UTI shall comply with the requirements set out in paragraphs 1 and 3.