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FAQs on transaction reporting – Question II.1.1.34

Reporting of novation and “novation like” activities.
There are different views in the industry about the reporting process that could require a “novation”. The old contract should terminate when the new contract starts or the new reporting should have the original date of the contract as starting date?


Answer:

In the Agency’s view, the new contract has to be reported with a new date (using Action type “N”), while the old contract has to be terminated (using Action type “C”). Please see also Question II.1.1.17, Question II.1.1.26, and Question II.3.5.6.

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