EU Commission requests advice on EMIR Trade Repositories
On 24 May 2013, ESMA published a formal request received from the EU Commission for technical advice regarding “procedural rules for taking supervisory measures and imposing fines on trade repositories” pursuant to Article 64 of EMIR.
The Commission asks ESMA to focus on rules of procedure for the exercise of powers to impose fines/penalty payments and on applicable limitation periods. More specifically, it asks for advice on the following aspects:
- procedures to guarantee the rights of defence with respect to investigations and advise on a reasonable time limit for the submitting written submissions and/or convoking oral hearings;
- procedures for oral hearings;
- procedures regarding access to the files of those subject to investigations;
- documents to be submitted by the investigating officer to ESMA;
- the limitation periods for the imposition and enforcement of penalties; and
- the methods for collecting fines/penalty payments.
The Commission has asked ESMA to deliver its advice by 31 December 2013.Contact Us