(11)Under Article 7b of Regulation (EU) No 648/2012, counterparties are to report to their competent authority the information necessary to assess compliance with that obligation and are to do so very six months. However, to ensure that competent authorities can assess whether the counterparties concerned comply with the active account requirement as from the start of their operations, the first report should cover the period as from which the counterparties become subject to the reporting requirements on the active account up to the next reporting date.