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TR fines enter into force

On 22 June 2014 a delegated Regulation supplementing article 64(7) of EMIR[1] – stipulating ESMA’s powers to impose fines and penalties on Trade Repositories (TRs), as outlined here – entered into force. This follows its publication in the Official Journal of the EU (19 June 2014).

This marks the final stage in the implementation of TR fines and penalty payments regulation. For more detail of the legislative process, see here.

[1] Article 64(7) of EMIR: β€œthe 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.”

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