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    EC Rule on Submitting Information on MiFID II Sanctions and Measures

    June 23, 2017

    EC published the regulation laying down implementing technical standards on procedures and forms for submitting information on sanctions and measures, in accordance with Markets in Financial Instruments Directive II (or MiFID II; Directive 2014/65/EU). This Commission Implementing Regulation (EU) 2017/1111 was published in the Official Journal of the European Union.

    It is appropriate to set out common procedures and forms for competent authorities to submit information to ESMA on sanctions and measures referred to in Article 71 of MiFID II. As per the regulation, to facilitate communication between competent authorities and ESMA and to avoid unnecessary delays or failed submissions, each competent authority should designate a contact point for communication on sanctions and measures. To ensure that all required information concerning sanctions and measures imposed by competent authorities is correctly identified and registered by ESMA, competent authorities should provide detailed and harmonized information using specific forms to that purpose. With a view to including meaningful information in the annual report on sanctions and measures to be published by ESMA in accordance with Article 71 of MiFID II, competent authorities should report the information by using specific forms clearly indicating the provisions of MiFID II, as transposed in their national legislation, that were infringed.
     

    To ensure consistency and smooth functioning of the financial markets, it is necessary that the provisions laid down in this Regulation and the related national provisions transposing MiFID II apply from the same date. This Regulation is based on the draft implementing technical standards submitted by ESMA to the EC. This Regulation shall enter into force on the twentieth day following that of its publication in theOfficial Journal of the European Union. It shall apply from January 03, 2018.
     
    Related Link: Regulation (EU) 2017/1111

    Effective Date: July 13, 2017

    Keywords: Europe, EC, ESMA, Banking, MiFID II, Reporting, Implementing Technical Standards

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