Article 64(7) of the European Market Infrastructure Regulation (EMIR) provides that “the European Commission shall adopt further rules of procedure for the exercise of the power to impose fines or periodic penalty payments, including provisions on the rights of defence, temporal provisions, and the collection of fines or periodic penalty payments, and shall adopt detailed rules on the limitation periods for the imposition and enforcement of penalties.” The rules shall be adopted by means of delegated acts in accordance with article 82 EMIR.
The European Commission has now published a draft delegated Regulation which sets out the rules of procedure to be followed by the European Securities and Markets Authority in the exercise of its power to impose fines or periodic penalty payments, including rights of defence for trade repositories subject to a sanctioning procedure.
The European Parliament and the Council of the EU will now consider the delegated Regulation. Once approved, the delegated Regulation comes into force on the third day following its publication in the Official Journal of the EU.
