The European Securities and Markets Authority has published its annual report on the supervisory measures and penalties imposed by national regulators in respect of certain provisions under the European Markets Infrastructure Regulation. The relevant provisions govern: (i) the clearing obligation; (ii) the reporting obligation; (iii) non-financial counterparties; and (iv) the risk mitigation techniques under EMIR.
The key findings of the report include:
The report identifies certain areas that are highly harmonized among the 31 EEA countries, including the supervisory tools available and the means by which national regulators interact with market participants, whereas the amounts of administrative fines and methods of quantifying them vary significantly between countries. ESMA also identifies supervisory challenges for national regulators, for instance on the supervision of non-financial counterparties in relation to the clearing obligation. It hopes that the report may assist in promoting understanding of these issues and help to identify best practices.
View ESMA's Report.
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