In this issue:

- Derivatives

- Regulatory Capital

- Financial Services

- Consumer Protection

- Enforcement

- People

- Hearings

- Excerpt from Derivatives:

ESMA Publishes Final Advice on Procedural Rules to Impose Fines on Trade Repositories -

On 24 January 2014, the European Securities and Markets Authority (“ESMA”) published its final report and technical advice (dated 20 December 2013) to the European Commission on the procedural rules to impose fines and periodic penalty payments on trade repositories under the European Market Infrastructure Regulation (“EMIR”). Under EMIR, ESMA is responsible for authorizing and supervising trade repositories, including imposing fines where a trade repository has intentionally or negligently committed an infringement listed in Annex 1 of EMIR and imposing periodic penalty payments to compel a trade repository to end an infringement or comply with EMIR. The European Commission is responsible for adopting rules of procedure for the exercise of the powers by ESMA. The final report and technical advice will now be considered by the European Commission.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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