Other Provisions
16. Asset Classes
16.1. SAMA determines the classes of over-the-counter (OTC) derivative for which reporting requirements could be made. The broad asset classes of derivatives subject to reporting requirements are:
16.1.1. Interest rates;
16.1.2. Credit;
16.1.3. Equities;
16.1.4. Foreign exchange; and
16.1.5. Commodity derivatives.
16.2. A Trade Repository must be in a position to accept OTC derivative trade reports for all asset classes specified above. SAMA may require the reporting requirements for these asset classes be implemented by the Trade Repository in different phases. The Trade Repository reporting service for any additional asset classes beyond those specified above would need SAMA’s approval.
17. Acceptance of Derivative Trade Data
17.1 A Trade Repository must accept from Participants Derivative Trade Data for all classes of OTC Derivatives specified in the Principles above.
17.2. A Trade Repository must establish, implement, maintain and enforce policies, procedures, systems and controls for the reporting of Derivative Trade Data to the Trade Repository.
17.3. Without limiting (17.2.) above, a Trade Repository must establish, implement, maintain and enforce policies, procedures, systems and controls that are:
17.3.1. Reasonably designed to maintain a continuous, reliable and secure connection between the Trade Repository and Participants for the purposes of accepting Derivative Trade Data; and
17.3.2. Reasonably designed to provide assurance that Derivative Trade Data reported to the Trade Repository by Participants is and remains at all times complete, accurate and current.
18. Retention of Derivative Trade Data
18.1. A Trade Repository must ensure that all Derivative Trade Data accepted by the Trade Repository, and each alteration and correction to that Derivative Trade Data, is recorded on a timely basis.
18.2. A Trade Repository must retain all records of Derivative Trade Data accepted by the Trade Repository, and records of each alteration or correction to that Derivative Trade Data.
18.3. A Trade Repository must ensure that each record referred to in paragraph 18.2. above is, for the period of time that the record must be retained, in a secure location and in an electronic format, and is immediately accessible by the Trade Repository and SAMA.
18.4. A Trade Repository must create at least one backup copy of each record referred to in (18.2.) above and must ensure that, for the period of time that the record must be retained, the backup copy is retained in a secure location and in an electronic format, separate from the location of the record, and is accessible by the Trade Repository and SAMA within 3 business days.
19. Separation of Functions
19.1. Where a Trade Repository, a related body corporate of the Trade Repository, or any other company with which it has a material agreement in connection with the Trade Reporting Services, provides Non-Trade Reporting Services, the Trade Repository must:
19.1.1. Disclose to SAMA a description of all of the Non-Trade Reporting Services, and update the disclosure as soon as practicable after any changes are made to the Non-Trade Reporting Services; and
19.1.2. Establish, implement, maintain and enforce policies, procedures, systems and controls designed to ensure operational separation between the Non-Trade Reporting Services and the Trade Reporting Services.
20. Outsourcing of Functions
20.1. If a Trade Repository outsources any of the Trade Reporting Services to a third party service provider, it must:
20.1.1. Ensure that the outsourcing arrangement meets SAMA’s outsourcing requirements and is covered by a contract with the Third-Party Service Provider that is in writing;
20.1.2. Establish, implement, maintain and enforce documented policies, procedures, systems and controls for ensuring that the Trade Repository continues to comply with all its obligations under these Principles, in relation to the outsourced Trade Reporting Services;
20.1.3. At all times be able to access books, records and other information of the Third-Party Service Provider relating to the outsourced Trade Reporting Services;
20.1.4. Ensure that SAMA has the same access to all Derivative Trade Data, books, records and other information relating to the outsourced Trade Reporting Services and maintained by the Service Provider, that SAMA would have if not for the outsourcing arrangements; and,
20.1.5. Obtain SAMA no-objection for material outsourcing.
21. Keeping of Records
21.1. A Trade Repository must keep records that enable it to demonstrate that it has complied with the requirements of these Principles.
21.2. A Trade Repository must keep records referred to in paragraph 21.1. above for a period of at least ten years from the date the record is made or amended. However, all historical OTC Derivatives Data must be maintained, in accordance to the requirements in paragraphs 18.1 to 18.4.
22. Effective date
22.1. A Trade Repository must, upon request by SAMA, provide SAMA with records or other information relating determining whether there has been compliance with the Principles and Provisions included in this document.
22.2. A request by SAMA under paragraph 22.1. will be in writing and will give the Trade Repository a reasonable time to comply.
22.2. A Trade Repository must comply with a request under paragraph 22.1. above within the time specified in the request or as soon as possible, if no time is specified.
23. Effective date
23.1. This Principles shall come into force with effect from 1st July 2024.