What does the status “Modify" (Lifecycle information) mean exactly for a contract? Do we only have to send a new report as soon as there is a new action such as change of volume, price or counterparty (novation)?
The first submission of a transaction to the Agency of a bilateral contract is an event which will be identified as “new”. Any modification of the previously submitted report has to be notified to the Agency and reported as “modify”. An example of report modification is when two parties agree to amend one or more terms of the original agreement (e.g. price, quantity or any other value previously reported). Please see example 4.51 in Annex II to the TRUM.
For further information, please refer to Annex VII to the TRUM.