On 7 December 2020, the European Commission published for consultation a draft Delegated Regulation which amends Commission Delegated Regulation (EU) No 667/2014 with regard to the content of the file to be submitted by the investigation officer to the European Securities and Markets Authority (ESMA), the right to be heard with regard to interim decisions and the lodging of fines and periodic penalty payments.

Commission Delegated Regulation (EU) No 667/2014 is being updated in light of EMIR Refit which introduces several changes concerning the rights to  access to the file of the persons subject to the investigations (including the limits to such access excluding ESMA’s internal preparatory documents and other confidential information), the amount of the fines and periodic payments that ESMA can impose on trade repositories and the right of defence.

The deadline for comments on the draft Delegated Regulation is 4 January 2021.