Action Type

Field 4.18 | Matching Date: n/a | Tolerance: n/a>

Status: Best Practice Finalised, Last Updated: 26/04/2021

Field 4.18 | Matching Date: n/a | Tolerance: n/a

Description:
The report shall contain one of the following action types:

(a) a new reuse balance shall be identified as 'New';
(b) a modification of the details of the reuse shall be identified as 'Reuse update';
(c) a cancellation of a wrongly submitted entire report shall be identified as 'Error';
(d) a correction of data fields that were submitted incorrectly in a previous report shall be identified as 'Correction'.

Best Practice:
This field shall contain at least one code pertaining to the action type shall be provided, of which there are four options (x4 alphabetic characters):

• NEWT

• REUU

• EROR

• CORR

Note: With regards to the Agent Lender report overwriting issue which may arise in determining the data source, particularly where beneficiaries utilise more than one Agent Lender for the collection of collateral and its subsequent reuse, and where those Agent Lenders also use the same vendor as the report submitting entity, a suggestion has been made that the agent lenders populate this field with their own LEI (instead of the vendor submitting the report with their LEI).

Guidelines on reporting under Articles 4 and 12 SFTR 06 January 2020 - ESMA70-151-2703 :

463: When providing access to reuse data with regards to SME NFC, the TRs should provide the authorities with all the information reported with action types "NEWT" and "REUU" for the reporting counterparty for the given event date. TRs should use the fields 'Entity responsible for reporting' and 'Report submitting entity' to determine the applicable instances. When for a given reporting counterparty there are more than one entity responsible for reporting, and these use the same report submitting entity, the TRs should provide all the collateral reuse reports for that event date that were submitted for the reporting counterparty. (SFTR-137)