On 13 December 2019, the European Securities and Markets Authority (ESMA) issued a consultation paper on procedural rules for penalties imposed on third-country central counterparties (CCPs), trade repositories (TRs) and credit rating agencies (CRAs).

In the consultation paper ESMA sets out its preferred options for the procedural rules on the imposition of penalties to third country CCPs. It also analyses whether the procedural rules applicable to the imposition of penalties to TRs and CRAs should be amended.

The deadline for comments on the consultation paper is 18 January 2020. ESMA will consider the feedback received in the finalisation of the technical advice by end of Q1 2020.