Nature of the Reporting Counterparty

Field 1.04 | Matching Date: n/a | Tolerance: n/a | Agent Lender Data Provision: No>

Status: Best Practice Finalised, Last Updated: 25/05/2021

Field 1.04 | Matching Date: n/a | Tolerance: n/a | Agent Lender Data Provision: No

Description:
Indicates if the reporting counterparty is a financial or non-financial counterparty.

Best Practice:
Populate with 'F' or 'N' to indicate whether the nature of the reporting counterparty, to be financial counterparty (FCs) or non-financial counterparty (NFCs). For definitions, look to the Level 1 text in Article 3, paragraphs (3) and (4): Here

An NFC is further defined as a small financial entity (SME NFC) where an NFC does not exceed the two of following three limits:

• balance sheet total of EUR 20 million

• net annual turnover of EUR 40 million; and

• average number of employees of 250.

There is no requirement for NFCs to report under UK SFTR, therefore this field has been removed from the UK SFTR validation rules template. More information can be found here. (SFTR-6)