Proposed EU Procedural Rules for Penalties Imposed on Third-Country CCPs, Trade Repositories and Credit Rating Agencies

The European Securities and Markets Authority has launched a consultation on proposed procedural rules for penalties imposed on third-country CCPs, trade repositories and credit rating agencies. Responses are invited by January 18, 2020. ESMA intends to finalize its technical advice by the end of Q1 2020.

The European Commission has requested technical advice from ESMA on the procedural rules for penalties that may be imposed on third-country CCPs and trade repositories under the revised European Market Infrastructure Regulation (made by EMIR Refit and EMIR 2.2). ESMA's consultation sets out its proposed approach on these aspects, as well as its proposals for aligning the existing framework applicable to CRAs. The consultation covers various aspects of procedural requirements, including the right to be heard by an investigation officer, the imposition of fines and supervisory measures, the rights of the person subject to investigation (including access to the file), the imposition of periodic penalty payments and the limitation periods for imposition and enforcement of penalties.

View the consultation paper.

View details of EMIR Refit and EMIR 2.2.

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