The European Securities and Markets Authority (ESMA) has published its final report setting out technical advice to the European Commission on procedural rules to impose fines and periodic penalty payments on trade repositories (TRs).
The European Market Infrastructure Regulation (EMIR) requires the imposition of a fine when a TR has, intentionally or negligently, committed one of the infringements listed in Annex I of EMIR. Article 66 of EMIR further requires ESMA to impose periodic penalty payments in order to compel TRs or other relevant persons to put an end to an infringement or respectively to comply with their obligations in accordance with EMIR.
The final report sets out a summary of the responses received by ESMA to its two consultations and includes ESMA’s final technical advice to the Commission. ESMA also notes that all of its major proposals received support from respondents.
View ESMA’s technical advice to the commission on procedural rules to impose fines and periodic penalty payments to trade repositories, 20 December 2013