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The same information has to be reported to the competent authorities.
In particular, these ITS specify two stress situations under which, following the default of one of the members, competent authorities may set higher frequency of reporting.
An initial phase-in period is included with the aim to mitigate the most demanding aspects of these provisions during the first year of its implementation. On the one hand, this will allow the CCPs to make a smooth transition to the new systems and, on the other hand, clearing members will be able to have the necessary information to compute their capital requirements for exposures to CCPs.
The EBA finalised the draft ITS taking into account the responses to the consultation that ended on September 2, 2013