Modifications (MODI) and Corrections (CORR) - Full or Partial Datasets

>

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

Question:
Where an amendment is made to a one or more fields using a MODI or CORR template, should all the data fields normally reported in the NEWT message be repeated or just those that have changed?

Best Practice:
All eligible, required, data fields should be populated when amending an SFT using a MODI or CORR template message, effectively re-stating all fields of the transactions.

See Guidelines Reporting under Articles 4 and 12 SFTR 06 January 2020 ESMA70-151-2838

74. In the case of amendments pertaining to the SFTs, both lifecycle events and corrections, counterparties should submit messages containing all applicable fields, including those which have not altered, still allowing for separate reporting between loan and collateral data. (SFTR-295)