Reporting channels
1. The reports of transactions in financial instruments shall be made in an electronic form except under exceptional circumstances, when they may be made in a medium which allows for the storing of the information in a way accessible for future reference by the competent authorities other than an electronic form, and the methods by which those reports are made shall satisfy the following conditions:
(a)
they ensure the security and confidentiality of the data reported;
(b)
they incorporate mechanisms for identifying and correcting errors in a transaction report;
(c)
they incorporate mechanisms for authenticating the source of the transaction report;
(d)
they include appropriate precautionary measures to enable the timely resumption of reporting in the case of system failure;
(e)
they are capable of reporting the information required under Article 13 in the format required by the competent authority and in accordance with this paragraph, within the time limits set out in Article 25(3) of Directive 2004/39/EC.
2. A trade-matching or reporting system shall be approved by the competent authority for the purposes of Article 25(5) of Directive 2004/39/EC if the arrangements for reporting transactions established by that system comply with paragraph 1 of this Article and are subject to monitoring by a competent authority in respect of their continuing compliance.