ESMA issued its first annual report on supervisory actions and penalties imposed by the national competent authorities under the European Market Infrastructure Regulation (EMIR). The report also focuses on the supervisory powers and the interaction between the national competent authorities and market participants, when monitoring the compliance of certain EMIR requirements.
The report first provides background for this exercise and sets out the scope and focus of the report. It then details the information sources used for the analysis in the report—that is, the answers to a survey on supervisory measures and penalties submitted by the national competent authorities of 26 countries. Finally, the report describes the findings from the information submitted in response to the survey, before presenting the conclusions. Annex I to the report contains the questions in the survey that were used to gather information from the national competent authorities while Annex II provides more granular information per country via tables. The report is focused on the following EMIR requirements:
- The clearing obligation for certain over-the-counter (OTC) derivatives (Article 4 of EMIR)
- The reporting obligation of derivative transactions to trade repositories (Article 9 of EMIR)
- Requirements for non-financial counterparties (Article 10 of EMIR)
- Risk mitigation techniques for non-cleared OTC derivatives (Article 11 of EMIR)
Keywords: Europe, EU, Securities, EMIR, Supervisory Measures and Penalties, OTC Derivatives, ESMA
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