Handling of corrections

(a) Where information in a past data submission is corrected, even for one underlying exposure, must the correction should be accompanied by a corresponding correction of other relevant templates, so that the integrity and consistency of data is maintained? (b) Where information in a past data submission is corrected, even for one underlying exposure, must a securitisation repository registered with ESMA recalculate the data completeness score set out in Article 3 of the RTS on operational standards? (c) What are the interactions between data completeness requirements and corrections/changes to previously-provided information? How should the repository proceed in the following situation: Step 1: On 1 June 2020, a securitisation repository registered with ESMA receives a report with 1000 underlying exposures, investor report, significant event (i.e. a full quarterly submission), with a data cut-off date of 1 May 2020. The securitisation repository processes all the underlying exposures, checks whether the submission complies with the data completeness thresholds (regarding the use of No Data options in the underlying exposure templates), confirms that they do comply and, therefore, accepts the submission. Step 2: On 1 June 2021, the same reporting entity sends a modification file report with 50 new loans and 50 loans to be modified, referring to the above data submission (i.e. the data submitted on 1 June 2020 with a data cut-off date of 1 May 2020). The repository re-checks whether, in light of these modifications to some of the underlying exposures, the overall submission (i.e. all 1000 underlying exposures) complies with the data completeness thresholds applicable as at 1 June 2020, and discovers that it no longer complies with those thresholds.